Market Intelligence
Elevated Gasoline Crack Spreads and Crude Prices Lift Refining Margins
Constrained global supply balances and crude oil costs have driven New York Harbor gasoline refining margins well above previous-year levels.
Refining profitability metrics and crude oil prices have combined to push wholesale and retail transportation fuel values higher. Crack spreads, which measure the difference between wholesale petroleum product values and spot crude input costs per gallon, reflect the overall profitability of converting feedstock into products such as diesel and gasoline.
Regional market indicators show that the New York Harbor gasoline crack spread has averaged approximately one dollar per gallon above 2025 levels since May. During 2025, the same gasoline margin reached a maximum peak of roughly 60 cents per gallon.
The sustained strength in gasoline crack spreads stems primarily from tight product supply conditions on a global scale. These constrained international inventories continue to underpin higher processing margins across key refining hubs.
Source attribution
This report was written by the Global Freight editorial desk based on material published by U.S. Energy Information Administration. It is an original summary and analysis, not a reproduction of the source text. Figures and claims are limited to those present in the source material.
Elevated crack spreads and crude oil prices contribute to higher prices at the pumpGlobal Freight Briefing
The commodity and freight brief, twice weekly
Concise coverage of fuel oil, energy trading and shipping markets for professional readers. No promotional content.
Related coverage
Related blogs
Further reading across commodity trading, energy and oil markets, fuel oil and shipping logistics.
- Market Intelligence
Middle Distillate Tightness and Record Diesel Margins Drive Brent Toward $95
Surging diesel cracks and an increasingly constrained outlook for global middle distillates are propelling crude benchmarks higher, with Brent approaching $95 per barrel.
- Market Intelligence
Russia Seeks Overseas Refining Options Following Domestic Processing Disruptions
Moscow has agreed to process crude at a private refinery in Kazakhstan as domestic fuel supply issues prompt export bans and rationing.
- Shipping & Ports
Hormuz Talks Ease Oil Prices While Freight Rates Hold at Record Highs
Crude values have fallen following diplomatic engagement between Iran and Oman, though maritime transport costs persist at historic peaks.
- Shipping & Ports
VLCC Acquisitions Rise as Owners Position for Sustained Rate Strength
Shipowners are increasing purchases of very large crude carriers amid expectations of prolonged rate gains driven by Middle East volatility.
- Commodity Trading
Alkagesta joins the Platts EMEA naphtha physical Market on Close process
Approval to participate in the S&P Global Commodity Insights benchmark process follows an editorial review of the trading house's European naphtha activity.
- Oil Trading
Jet fuel squeeze spreads from Asia towards Europe and the Americas
Reporting across four continents points to an aviation fuel shortage that began in Asia and now threatens schedules further west.