Glossary

Crack Spread

The difference between the price of crude oil and the fuels refined from it, the benchmark for a refiner's margin. The 3-2-1 version compares three barrels of crude with two of gasoline and one of diesel; it was about $53 a barrel on October 21, 2026, against about $23 a year earlier, and Valero's realised third-quarter margin was $39.24.