Asia 3-2-1 crack

The 3-2-1 crack is a shorthand measure of a refinery's theoretical operating margin. It reflects what a refiner in Asia can expect to make when comparing production yields along with the relative strength of crude oil prices and refined transport fuels. It is calculated by taking three barrels of Quantum's Brent cash assessment for two months ahead and subtracting the sum of two barrels of Singapore 92 RON gasoline swaps for two months ahead and one barrel of the 10ppm gasoil swap.