Jefferies
July 11, 2026
Spot Margins And Fwd Curves Up Wow
Market ReportCommoditiesMacro Economic IndicatorsEnergy
This report provides a weekly update on refining margins, forward curves, and refinery utilization across global markets. Data confirms widespread margin expansion driven by favorable regional crack spreads.
Key Takeaways
- 1.Spot refining margins were mostly up week on week.
- 2.Forward curves were up week on week and up year on year.
- 3.US refinery utilization remains above the 5-year seasonal range.
Table of Contents
- Spot Margins & Fwd Curves Up WoW; Utilization Still Above 5yr Seasonal Range
- Crack Spreads Summary
- Weekly Demand Summary
- YTD Demand Summary
- Weekly Refining Margins
- Composite Crack Spreads
- MPC Indicators
- PSX Indicators
- VLO Indicators
- Forward Curves
- United States Refinery Utilization
- China Refinery Utilization
- Demand
- Crude Oil & Total Products Demand Tables
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Authors
Lloyd ByrneEmma SchwartzSam BurwellJohn Edelman
Securities
WTI Cushing 321 Crack Spread
Themes
Demand TrendsRefinery UtilizationRefining Margins
Regions
GlobalAsia PacificEuropeUnited StatesChina
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