Flux Markets | Volatility in Margins Skip to main content

Volatility in Margins

In the week ending 13 March, Refinery Margins experienced considerable volatility.
Published: March 16, 2026
Written by:
Harinder Sandhu

Harinder Sandhu

Quantitative Research Associate, Flux
Harinder Sandhu
Reviewed by:
Harinder Sandhu

Harinder Sandhu

Quantitative Research Associate, Flux
Harinder Sandhu
11 page report
Share

In the week ending 13 March, Refinery Margins experienced considerable volatility. European M1 Margins initially fell down to $11.64/bbl on 09 March, before aggressively rallying up to $16.11/bbl on 11 March. US Margins up to $26.09/bbl (+$9.82/bbl w/w), and Asian M1 Margins up to around $21.40/bbl (+$12.16/bbl w/w).

  • European margins were the strongest w-o-w: NWE Naphtha cracks rose amid volatility +$2.43/bbl w/w, though LSFO has weighed down the margin, falling $4.85/bbl over the week.
  • In Asia, the story was more mixed, with MOPJ Cracks providing support, rising $6.37/bbl, while in HSFO, Sing 380 Crack fell by $10.91/bbl in the week to leave Asian margins falling by $6.30/bbl w/w.

More News

Brent Recovers to $102.02/bbl

International Energy Agency signals possible reserve release as Donald Trump urges allies to reopen Hormuz after Iran conflict slashes Gulf
4 page report

Petchem Paralysis

The Apr’26 NWE naphtha crack dropped to a low of -$5.00/bbl on 10 Mar, likely driven by profit taking on news of force majeures declared....
17 page report

Back to the 1970s

Gasoline markets volatile as Middle East tensions escalate; export curbs tighten supply, positioning shifts, and open interest surges.
14 page report

Oil Drives Global Markets, Indian Inflation, Chinese Industrial Output

Retail money floods oil ETFs; India WPI rises to 2.13%; China output and infrastructure investment strengthen amid fragile outlook.