Crack spread
The gap between the value of refined products and the price of the crude they are made from.
How to read the number
This is the refining margin, and it explains how a refiner's profit can grow while crude is getting cheaper.
When the metric lies
The spread is computed on a notional basket of products while an actual plant makes its own. The fit with any one refinery's economics is approximate.
Also known as: refining margin