
Refining Margin Math: Crack Spreads vs. the $4 Break-Even
Refiners break even around $4-5 a barrel, yet US diesel cracks topped $100 in August 2026. Here is why the two numbers diverge 20-fold, and how to back out product prices from a 3-2-1 crack.

Refiners break even around $4-5 a barrel, yet US diesel cracks topped $100 in August 2026. Here is why the two numbers diverge 20-fold, and how to back out product prices from a 3-2-1 crack.