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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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