Refinery crack-spread calculator
Estimate a simple product-value margin per barrel of crude from entered yields and prices.
Quick answer: A crack spread is the value of the products made from a barrel of crude minus the cost of that crude. Multiply per-gallon product prices by 42 to put them on the same per-barrel basis.
Explore the numbers.
Calculate to update this worksheet from your inputs.
Scenario chart
Scenarios change one input while holding the others constant. They are calculations, not observed market prices or forecasts.
Detailed calculation table
The table contains the same inputs used for your result. Values are rounded for display; CSV preserves more precision.
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Turn product prices into a simple refining margin
How to use this calculator
- Enter the crude price per barrel.
- Enter gasoline and distillate values per gallon, then set each product’s yield.
- Add a value for other products and a variable refining cost, then read the margin per crude barrel.
Gasoline at $2.30/gallon is worth $96.60 a barrel; at a 45% yield it adds $43.47. Distillate at $2.60 adds $32.76 at 30%, and other products add $5.00. Product value is $81.23. Subtract $75 crude and $6 variable cost, and the margin is only about $0.23 per barrel.
Gallons become barrels
Crude is priced per barrel, but gasoline and diesel are often quoted per gallon. The calculator multiplies each gallon price by 42 before applying its yield, so every value uses the same per-barrel basis.
The 3:2:1 idea
A widely used benchmark, the 3:2:1 crack spread, assumes three barrels of crude make two barrels of gasoline and one of distillate. The yield inputs here let you set your own split instead.
A margin signal, not a profit
The result ignores fixed costs, hedging, transport, crude quality and timing. Use it to see which way margins are moving, not to judge whether a refinery is profitable.
Where to go next
Pull a crude price from the WTI or Brent page, estimate volumes first with the refinery yield estimator, and read Brent vs WTI to choose the right benchmark.
Questions about this calculation
What is a crack spread?
It is the difference between the value of refined products and the cost of the crude used to make them. It gets its name from “cracking” heavy oil into lighter products.
Does a positive crack spread mean a refinery is profitable?
No. It is a gross indicator. Labour, energy, maintenance, financing and many other costs sit outside this simple margin.
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