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• Related Discussion Forum Messages As a ValueForum member, this section would contain $CRACK321 message board posts where the ticker symbol $CRACK321 has been. Crack spreads are a major indicator of refiner earnings and valuations. Read up on the basics of crack spreads in our special crack spread primer series. Crack spread is a term used on the oil industry and futures trading for the differential between the price of crude oil and petroleum products extracted from it.

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Crack Spreads The crack spread represents the theoretical refining margin. If a crack spread is a positive number then the price of the refined products is higher than that of crude oil, the raw material, and the spread is profitable. If the spread is a negative number, the products are priced at less than the cost of crude and are not profitable. The 3-2-1 crack spread is a commonly used formula in the oil industry, expresses the theoretical margin in dollars per barrel. X (Heating Oil: $ per gallon x 42) rowtotal: TESTING PURPOSES ONLY X (Gasoline: $ per gallon x 42) rowtotal: TESTING PURPOSES ONLY minus X (Crude Oil: $ per barrel) rowtotal: TESTING PURPOSES ONLY Crack Spread: $ per barrel X (Heating Oil: $ per gallon x 42) rowtotal: TESTING PURPOSES ONLY minus X (Crude Oil: $ per barrel) rowtotal: TESTING PURPOSES ONLY Crack Spread: $ per barrel X (Gasoline: $ per gallon x 42) rowtotal: TESTING PURPOSES ONLY minus X (Crude Oil: $ per barrel) rowtotal: TESTING PURPOSES ONLY Crack Spread: $ per barrel.