U.S. Refiner Margin Benchmark Hits Record $69.66/Barrel

The 3-2-1 crack spread — the most widely used benchmark for U.S. refiner profitability, per Reuters — closed at a record $69.66 per barrel on July 16, 2026, up over 2% in one session. The spread reflects revenue from turning three barrels of crude into two of gasoline and one of distillate. The move follows Middle East supply disruptions in Q2 2026.