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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
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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.

Written by

Harinder Sandhu

Quantitative Research Associate, Flux
Harinder Sandhu

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