Israel Refining Margins
Current Mediterranean diesel, gasoline and jet fuel crack spreads relevant to Israel's refining sector, with quarterly context, determining days and Brent market structure.
Main product crack metrics
Mediterranean diesel, gasoline and jet fuel crack spreads. These reflect the market environment of Israeli refineries and are not the reported margin of any single company.
Diesel crack
Trailing average of the latest 5 market observations
17 August 2026
Higher than 99% of observations since 2019
Gasoline crack
Trailing average of the latest 5 market observations
17 August 2026
Higher than 99% of observations since 2019
Jet fuel crack
Latest observation
17 August 2026
Current quarter
Current quarter averages compared with the previous quarter, in USD per barrel
As of 17 August 2026, average diesel and gasoline cracks in the current quarter are at historically elevated levels compared with equivalent periods since 2019.
Determining days for September 2026
Determining days are a five trading day window used in domestic market pricing. Each month, the average of the five trading days preceding the final two working days of the month is calculated and assigned to the following month.
Calculation window: 7 to 13 August 2026
Brent Price and Market Structure
The three metrics describe complementary parts of the Brent market. Dated Brent represents the physical market benchmark, DFL Proxy measures its spread versus the front month contract, and Brent M1/M2 measures the spread between the first two futures contracts.
Explanations and methodology
What is a crack spread?
A crack spread measures the gap between the price of a refined product such as diesel or gasoline and the price of crude oil. The spread provides an indication of the market environment in which refineries operate, but is not identical to the actual refining margin of a specific company.
Why are diesel and gasoline cracks relevant to Israeli refineries?
Israeli refineries (Bazan and Ashdod Refinery) operate within the Mediterranean product market. Mediterranean diesel and gasoline cracks reflect the market conditions in which the refineries operate, making them a relevant indicator of their business environment.
What is the difference between product cracks and a company refining margin?
The product cracks shown on this page are indicators of the refining market environment. They are not the reported refining margin of Bazan or Ashdod Refinery. A company actual refining margin also depends on feedstock mix, product mix, utilization, operational performance, hedging, market structure and other company specific factors.
What is the 5 observation average?
The 5 observation average is a trailing average of the latest five market observations. It reduces some of the daily noise and gives a more stable view of the current margin level. It is not the same as the determining days, which are calculated once a month over a defined window.
What are determining days?
Determining days are a five trading day window used in domestic market pricing. Each month, the average of the five trading days preceding the final two working days of the month is calculated and assigned to the following month.
What is DFL?
DFL (Dated to Frontline) reflects the difference between physical Dated Brent and the front month Brent contract. A positive value indicates that the physical benchmark is priced above the front month contract. FocusFin's DFL Proxy uses Dated Brent and ICE Brent M1 from the same source date and is not an official fixing.
What is Brent M1/M2?
Brent M1/M2 is the spread between the first and second Brent futures contracts. A positive spread indicates Backwardation, meaning the nearer contract trades above the next contract. A negative spread indicates Contango, meaning the next contract trades above the nearer contract.
What is a historical percentile?
A historical percentile describes where a value sits relative to its history. A 98th percentile means the level is higher than 98% of the relevant comparison periods. The percentile is not a forecast and not a probability of future direction. The quarterly percentile compares the current quarter to date with equivalent periods in previous quarters, so a partial period is not compared with a full quarter.
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