Brent Crude Prices and Refining Margins Skyrocket in Q3

Rabobank notes that Brent crude oil prices surged significantly during Q3, rising from $73 to $104. This marked a substantial increase in the benchmark price.

The 3-2-1 crack spread, which measures refining margins, also saw a sharp widening, increasing from $17 to $62. The combination of these two price movements resulted in an effective total increase from $90 to $166, indicating tighter energy market conditions.