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
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