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Brent surges in Q3 as crack spread widens to $62
Rabobank said the 3-2-1 crack spread jumped from $17 to $62, while an effective total rose from $90 to $166, signaling tighter energy markets.
Rabobank highlighted a sharp Q3 rally in Brent Oil, with prices rising from $73 to $104. FXStreet reported the move alongside a steep expansion in refining margins.
According to Rabobank, the 3-2-1 crack spread increased from $17 to $62, which it described as the more important measure. FXStreet also cited Rabobank saying an effective total moved from $90 to $166.
Rabobank said the results point to tightening energy markets as the price strength and crack spread widened during the quarter. FXStreet included additional market context noting AUD/USD near 0.6950 after Australian CPI data and USD/JPY holding losses below 157.
Latest closeBrent $103.93 ▲3.7%|USD/JPY 157.84 ▼0.3%