NYMEX 3-2-1 Crack Spread Hits Record $64.58 as Fuel Tightness Deepens
Updated
Updated · OilPrice.com · Jul 10
NYMEX 3-2-1 Crack Spread Hits Record $64.58 as Fuel Tightness Deepens
3 articles · Updated · OilPrice.com · Jul 10
Summary
$64.58 per barrel — the prompt NYMEX 3-2-1 crack spread, a key gauge of refinery profitability, reached a record high on July 8 as U.S. fuel markets tightened further.
Middle East re-escalation, Russia's diesel export ban and depleted fuel inventories drove the jump, signaling refined products remain scarce even as millions of barrels of crude still move through the Strait of Hormuz.
Europe showed the same strain: diesel refining margins climbed above $60 a barrel after Moscow halted diesel exports, while gasoline traded at a four-year-high $41 premium to crude.
Traders are now scrambling for replacement barrels from India, the Middle East and the U.S. Gulf, with U.S. diesel stocks already near five-year lows and expected supply relief still uncertain.
As Russia's diesel ban hits Europe, who stands to profit from the new energy crisis?
Why is a top oil producer suddenly banning diesel exports and planning to import fuel?
Can Russia rebuild its vast oil refining capacity faster than Ukrainian drones can destroy it?
Russia’s Diesel Export Ban and Fuel Shortages in 2026: The Impact of Ukrainian Drone Warfare
Overview
In July 2026, Russia faced severe domestic fuel shortages after large-scale drone attacks damaged its oil refining infrastructure and fuel tankers. These attacks, linked to the ongoing conflict in Ukraine, sharply reduced Russia’s ability to produce and distribute fuel, forcing the government to impose an immediate diesel export ban and begin importing gasoline by sea. This crisis not only disrupted Russia’s internal fuel supply but also sent shockwaves through global energy markets, leading to higher transport fuel prices and increased inflation worldwide, especially as diesel inventories were already low in many major markets.