Daily Deep Dive
One real question about fuel prices, margins, and markets, investigated from the data and the day's reporting. A new one each day. Back to briefs
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Jul 27, 2026
Why has WTI crude climbed 20.1% over the past month?
WTI closed the month at 83.16, up 20.1% over the past thirty days. A move that size raises fuel costs within a week, so a jobber has a fair question: what pushed it, and is the push over.
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Jul 26, 2026
Why has Brent crude climbed 31.2% in a month, and what does it mean for fuel operators?
Brent crude is 96.78, up 31.2 percent over the past 30 days. Crude is the base cost under every gallon an operator buys, so a one-month move that size is worth understanding before it works its way to the rack. The question is…
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Jul 25, 2026
Why has the diesel retail-wholesale spread narrowed to 1.015 over the past month?
The diesel retail-wholesale spread is 1.015 now, down 0.724 over the past 30 days. A spread that moves that far in a month has one big number behind it somewhere. The question for this issue is which one.
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Jul 24, 2026
Why did ULSD jump 30.4% in 30 days while the retail diesel spread fell $0.724 a gallon?
ULSD futures are $4.143/gal, up 30.4% over the past 30 days. Over that same stretch the diesel retail-wholesale spread went the other way, down $0.724 to $1.015/gal. What follows is where that move came from and what the spread…
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Jul 14, 2026
Why has the 3:2:1 crack spread widened to 58.72 when crude is climbing?
The 3:2:1 crack spread is 58.72, up 11.22 over the past 30 days. Refining margins normally get thinner when crude gets more expensive, and crude has been getting more expensive: OilPrice reports Brent and WTI both advancing on…
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Jul 13, 2026
Crude just jumped 4% on the last print. Is the 57.26 crack spread about to close?
The 3:2:1 crack spread is $57.26, up $9.08 over the past month. Crude fell over that same stretch. The question is whether refining margins improved because products held their value or because crude fell out from under them, and…
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Jul 11, 2026
Refinery strikes abroad are propping up product prices. Is that a margin you can plan on?
The 3:2:1 crack spread is 61.9, up 14.28 over the past 30 days. That number is the rough margin a refiner earns turning three barrels of crude into two of gasoline and one of diesel, and it moved a long way in a month. The…
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Jul 10, 2026
Refining margins hit record highs while crude collapsed. What is holding fuel prices up?
The 3:2:1 crack spread is 57.56, up 9.94 over the past thirty days. Crude fell hard over that same month. A spread that widens while its main input collapses is worth pulling apart, because the answer decides who has been earning…
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Jul 09, 2026
The crack spread says 57.96. How much of that does a refiner actually bank?
The 3:2:1 crack spread is 57.96, up 11.98 over the past thirty days. A move that size normally means refiners are getting paid more for gasoline and diesel than they were a month ago. Neither product is up.
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Jul 07, 2026
Saudi Arabia cut its crude price to Asia by $11 a barrel. Who is collecting on it?
The 3:2:1 crack spread is 54.81, up 9.73 over the past 30 days. It measures the gap between what a refiner pays for a barrel of crude and what it gets back selling two parts gasoline and one part diesel, so a wider crack means a…
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Jul 05, 2026
Why did street diesel prices fall faster than the retailer's own cost?
The 3:2:1 crack spread is 54.48, up 8.94 over the past 30 days. That number is a refiner's rough margin: the value of two barrels of gasoline and one of diesel against the three barrels of crude it takes to make them. When it…
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Jul 04, 2026
OPEC put 3.3 million barrels a day back on the water. Where did the margin go?
The 3:2:1 crack spread is 54.48, up 8.94 over the past 30 days. That number is the rough gross margin a refiner earns turning three barrels of crude into two of gasoline and one of diesel. The question worth an operator's time is…
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Jul 03, 2026
Crude lost a quarter of its value in a month. Who kept the money?
The 3:2:1 crack spread is $54.45 a barrel, up $8.91 over the past 30 days. That spread is the theoretical margin a refiner earns turning three barrels of crude into two of gasoline and one of diesel, and it just moved the…
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Jun 29, 2026
Every fuel price fell last month, so why did refining margins improve?
The 3:2:1 crack spread is 54.76, up 5.05 over the past 30 days. The spread is the refiner's rough gross margin: three barrels of crude in, two barrels of gasoline and one of diesel out, priced at the difference. A move that size…
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