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

Heads of Desk: Top of Mind – Episode 46

The heads of Onyx Commodities' trading desks discuss the latest in the Oil Derivatives as of 5 May 2026

Market Top

Brent bullish at $110, spreads steady, cracks consolidating, gasoline weak; momentum signals diverge, caution on reversals.
9 page report

Brent Below $113/bbl

UAE-Iran clash, US-Iran tensions in Hormuz, Maersk transit limited, Ukraine hits KINEF refinery; spreads widen
4 page report

RBA Raises Cash Rate, Rupee Hits Record Low, Euro Manufacturing PMIs

RBA hikes, hawkish on inflation; rupee hits record low on oil surge and outflows; Europe PMIs strong; UK sales boosted by policy effects