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Volatile Margins

Refinery Margins Report for the week ending 27 March
Published: March 30, 2026
Written by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
Reviewed by:
Harinder Sandhu

Harinder Sandhu

Quantitative Research Associate, Flux
Harinder Sandhu
11 page report
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In the week ending 27 March, Refinery Margins were volatile. European M1 Margins rallied to $18.08/bbl on 23 Mar but fell to $13.22/bbl on 25 Mar before moving up to $17.21/bbl on 27 Mar (+$2.03/bbl w/w). US Margins moved similarly and rallied up to $35.34/bbl (+$3.82/bbl w/w). Asian M1 Margins rallied throughout the week reaching $39.80/bbl (+$10.06/bbl w/w).

  • European margins volatility were driven by weakness in EBOB Crack and 0.5 Bgs Crack w/w:  EBOB crack fell -$5.54/bbl w/w, and 0.5 Bgs Crack fell b y -$4.20/bbl. Gasoil Crack , however, increased by $1.74/bbl, providing some offsetting strength.
  • Asian margins rallied on strong Distillates Cracks:  Sing Gasoil Crack rose by +$8.11/bbl, Kero Dubai Crack up +$10.22/bbl, and Gasoil Dubai Crack up +7.13/bbl. 92 Crack softened the margins a little falling -$7.44/bbl w/w.

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