1. What is the crack spread today?
In the week to 18 Sep 2026, the fuels made from three barrels of WTI crude oil sold in New York Harbor for $68.76 per barrel of crude more than the crude itself cost: that gap is the 3-2-1 crack spread, calculated by us from spot prices published by the US Energy Information Administration (EIA). The inputs that week were WTI at $103.54 a barrel, conventional gasoline at $3.542 a gallon and ultra-low sulfur diesel (ULSD) at $5.223 a gallon. On the latest single trading day in the EIA data, 22 Sep 2026, the 3-2-1 stood at $73.12, the diesel crack at $113.88 and the heating oil crack at $105.06, with WTI at $96.41.
New York Harbor crack spreads, monthly averages January 2019 to August 2026, $ per barrel
Latest value (August 2026):
- 3-2-1 crack spread: $65.61
- Diesel crack (ULSD): $94.73
- Gasoline crack: $51.05
Source: EIA spot prices, own calculation by Global Oil Shock (as of 24 Sep 2026)
The monthly chart shows how unusual 2026 is. In 2019 the 3-2-1 averaged $19.12; in 2020, the lowest year in the chart, it averaged $11.30. The first big spike came in 2022, when the monthly value reached $62.68 in May 2022. In 2026 the spread started from $28.77 in February, jumped to $46.65 in March after the US-Israeli strikes on Iran on 28 February (IEA), reached $53.23 in May, eased to $47.84 in June and then climbed to $64.54 in July and $65.61 in August. In every month of 2026 the blue diesel line has run above the orange 3-2-1 line, and the green gasoline line below it.
If the term is new to you, our glossary explains the crack spread meaning and the 3-2-1 formula in plain words. The crude price on its own, Brent and WTI, is tracked on Oil price today.
2. Is the 3-2-1 crack spread at a record high?
On a monthly basis, yes: at $65.61, August 2026 was the highest monthly 3-2-1 in New York Harbor since June 2006, when the EIA's ULSD series begins, ahead of July 2026 ($64.54) and May 2022 ($62.68), according to our own calculation. Two single-product cracks also set monthly highs for their series in August: heating oil at $89.10 (series since June 1986; previous high $87.30 in October 2022) and jet fuel at $72.51 (series since April 1990; previous high $70.64 in January 2023). The diesel crack just missed: $94.73 against $94.94 in October 2022. Gasoline is not at a record: $51.05 in August, below $56.60 in June 2022 and $54.86 in July 2026.
| Spread | August 2026 | Highest monthly value | Second highest | Series since |
|---|---|---|---|---|
| 3-2-1 New York Harbor | 65.61 | 65.61 (Aug 2026) | 64.54 (Jul 2026) | Jun 2006 |
| No. 2 heating oil minus WTI | 89.10 | 89.10 (Aug 2026) | 87.30 (Oct 2022) | Jun 1986 |
| Diesel (ULSD) minus WTI | 94.73 | 94.94 (Oct 2022) | 94.73 (Aug 2026) | Jun 2006 |
| Jet fuel (US Gulf Coast) minus WTI | 72.51 | 72.51 (Aug 2026) | 70.64 (Jan 2023) | Apr 1990 |
| Gasoline minus WTI | 51.05 | 56.60 (Jun 2022) | 54.86 (Jul 2026) | Jun 1986 |
Monthly averages in $ per barrel, own calculation from EIA spot prices (New York Harbor; jet fuel US Gulf Coast). “Series since”: first month for which the EIA publishes both prices of the spread.
Two limits apply to every “record” on this page. It refers to monthly averages, and it covers the EIA series from their first month, not the whole history of refining. Weekly and daily values swing more, so the $68.76 of the latest week or the $73.12 of 22 Sep 2026 cannot be compared one-to-one with the monthly high.
What is a normal crack spread? The yearly averages give a baseline. Between 2019 and 2025, only 2022 ($43.22) and 2023 ($34.71) averaged above $30; 2024 came in at $22.64 and 2025 at $23.49. The first eight months of 2026 averaged $47.93, roughly double the 2025 level (factor 2.0, own calculation).
| Year | Average | Lowest month | Highest month |
|---|---|---|---|
| 2019 | 19.12 | 14.36 | 22.45 |
| 2020 | 11.30 | 8.39 | 16.41 |
| 2021 | 20.31 | 13.81 | 23.84 |
| 2022 | 43.22 | 21.98 | 62.68 |
| 2023 | 34.71 | 27.28 | 42.72 |
| 2024 | 22.64 | 16.90 | 28.30 |
| 2025 | 23.49 | 18.84 | 29.55 |
| 2026 (Jan–Aug) | 47.93 | 28.77 | 65.61 |
3-2-1 New York Harbor in $ per barrel, average of monthly values, own calculation from EIA spot prices.
3. What does crack spread mean, and how is the 3-2-1 calculated?
The crack spread is the gap between what a refinery pays for crude oil and what it gets for the fuels it “cracks” out of that crude; the 3-2-1 assumes that three barrels of crude yield two barrels of gasoline and one barrel of diesel or heating oil. That ratio gives the spread its name, which is why it is also written as 321; if you searched for a “123 crack spread”, the 3-2-1 read backwards is most likely what you are after. Single-product cracks compare one fuel with crude: diesel, heating oil, jet fuel or gasoline.
Formula (own calculation): 3-2-1 = (2 × gasoline price × 42 + 1 × ULSD price × 42 − 3 × WTI price) ÷ 3. Fuel prices are quoted in dollars per gallon and crude in dollars per barrel, and one barrel holds 42 US gallons.
Worked example, week to 18 Sep 2026:
- Gasoline: 2 × $3.542 × 42 = $297.53
- Diesel (ULSD): 1 × $5.223 × 42 = $219.37
- Crude: 3 × $103.54 = $310.62
- $297.53 + $219.37 − $310.62 = $206.27, divided by 3 = $68.76 per barrel
Why our numbers differ from exchange quotes. The 3-2-1 that traders watch uses futures on the New York Mercantile Exchange (NYMEX): RBOB gasoline, ULSD and WTI. We use EIA spot prices and conventional gasoline, so the values are close but not identical. Location matters too: on US Gulf Coast prices, the same week's 3-2-1 was $77.12. The crude benchmark matters most. Against the EIA's Brent series, a physical spot price that averaged $124.15 that week and has traded far above the Brent futures contract in September 2026, the 3-2-1 was only $48.15.
A crack spread is not a refinery's profit: energy, labor, maintenance and each plant's real product yield are left out. How it relates to what refiners actually earn is covered under refining margins, and the diesel version has its own glossary entry, diesel crack spread.
4. How has the crack spread moved week by week since the war began?
The 3-2-1 has more than doubled since the last week before the war, from $29.06 in the week to 27 Feb 2026 to $68.76 in the week to 18 Sep 2026, while the diesel crack rose from $48.66 to $115.83 (own calculation from EIA weekly averages). Over the same period WTI went from $65.87 to $103.54 a barrel, so fuel prices rose by far more than the crude they are made from. The weekly chart starts in January 2025 and makes the break at the end of February 2026 easy to see.
New York Harbor crack spreads, weekly averages 3 January 2025 to 18 September 2026, $ per barrel
Latest value (18 Sep 2026):
- 3-2-1 crack spread: $68.76
- Diesel crack (ULSD): $115.83
- Gasoline crack: $45.22
Source: EIA spot prices, own calculation by Global Oil Shock (as of 24 Sep 2026)
The last few weeks show the two halves of the barrel pulling apart. From the week to 28 Aug 2026 to the week to 18 Sep 2026, the diesel crack widened from $94.38 to $115.83, while the gasoline crack narrowed from $56.92 to $45.22. The 3-2-1 blends both, which is why it moved less than either of them. The table lists the last twelve weeks with the raw prices, so you can check any value yourself.
| Week ending | WTI ($/bbl) | NYH gasoline ($/gal) | NYH ULSD ($/gal) | 3-2-1 ($/bbl) | Diesel crack ($/bbl) | Gasoline crack ($/bbl) | Jet crack ($/bbl) |
|---|---|---|---|---|---|---|---|
| 18 Sep 2026 | 103.54 | 3.542 | 5.223 | 68.76 | 115.83 | 45.22 | 88.99 |
| 11 Sep 2026 | 99.08 | 3.361 | 4.928 | 64.02 | 107.90 | 42.08 | 86.48 |
| 4 Sep 2026 | 91.18 | 3.266 | 4.604 | 64.72 | 102.19 | 45.99 | 80.26 |
| 28 Aug 2026 | 84.62 | 3.370 | 4.262 | 69.41 | 94.38 | 56.92 | 71.41 |
| 21 Aug 2026 | 87.35 | 3.336 | 4.529 | 69.46 | 102.87 | 52.76 | 77.37 |
| 14 Aug 2026 | 84.05 | 3.156 | 4.304 | 64.57 | 96.72 | 48.50 | 74.29 |
| 7 Aug 2026 | 78.94 | 2.923 | 3.870 | 57.08 | 83.60 | 43.83 | 65.16 |
| 31 Jul 2026 | 84.51 | 3.275 | 4.217 | 66.23 | 92.60 | 53.04 | 72.40 |
| 24 Jul 2026 | 88.58 | 3.383 | 4.197 | 64.90 | 87.69 | 53.51 | 65.81 |
| 17 Jul 2026 | 80.77 | 3.331 | 4.012 | 68.67 | 87.73 | 59.13 | 66.10 |
| 10 Jul 2026 | 72.26 | 3.013 | 3.510 | 61.24 | 75.16 | 54.29 | 52.52 |
| 3 Jul 2026 | 70.48 | 2.973 | 3.253 | 58.31 | 66.15 | 54.39 | 47.79 |
Weekly averages of EIA spot prices (New York Harbor; jet fuel US Gulf Coast), released 23 Sep 2026. Crack spreads: own calculation, 42 gallons per barrel.
This page uses the EIA release of 23 September 2026; the next release is due on 30 September 2026.
5. Why is the diesel crack spread so much wider than gasoline's, and what does it mean for you?
Because the war has hit middle distillates hardest: diesel, heating oil and jet fuel. Gulf producers exported 3.3 million barrels a day (mb/d) of refined products and 1.5 mb/d of liquefied petroleum gas in 2025, and in August 2026 their net exports of diesel and gasoil were 390 thousand barrels a day, “just over a quarter of pre-war levels”, according to the International Energy Agency (IEA). The EIA saw the split early: “Although gasoline prices have increased substantially, jet fuel and distillate prices have increased significantly more” (Today in Energy, 7 April 2026). In 2022, too, ULSD prices rose 41% and gasoil 36%, partly because sanctions disrupted Russia's distillate exports (EIA).
Secondary reports point to more strain. US distillate inventories were 107.9 million barrels in the week to 11 September 2026, the lowest September level since 1982, according to EnergyNow. Russia is set to extend its export ban on diesel, gasoline and jet fuel to the end of October, according to Hydrocarbon Processing.
What it means for you. AAA put the US average for diesel at $6.53 a gallon on 22 September 2026, an all-time high. In gallons, the diesel crack of $115.83 a barrel equals about $2.76 a gallon between New York Harbor ULSD and WTI crude (own calculation: ÷ 42). If you heat with oil in the Northeast, watch the heating oil crack, based on the EIA's New York Harbor price for No. 2 heating oil: $107.51 in the latest week, $89.10 in August. UK homes that heat with kerosene have no series of their own in the EIA data; the closest is the EIA's kerosene-type jet fuel price on the US Gulf Coast, whose crack averaged $72.51 in August. How heating oil prices feed into Northeast winter bills is on Northeast heating oil forecast, winter 2026-27; the supply side is on Diesel shortage winter 2026/27.
This page makes no price forecast. The EIA's Short-Term Energy Outlook of 9 September 2026 expects US diesel to average $5.55 a gallon in the fourth quarter of 2026 and $4.40 in 2027. How today's crisis compares with the great supply shocks since 1973 is on Oil shocks compared.
Download all weekly and monthly values as CSV (UTF-8, raw prices and calculation per row)
How to cite: Global Oil Shock (Jörg Dässler), “Crack Spread Chart 2026: 3-2-1 Highest Since 2006”, as of 24 Sep 2026, https://globaloilshock.com/en/data/crack-spread-chart/