Europe 2-1-1 crack

The 2-1-1 crack is a shorthand measure of a refinery’s theoretical operating margin. It reflects what a refiner in Northwest Europe 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 two barrels of Quantum’s Brent cash assessment for two months ahead and subtracting the sum of one barrel of the two-month ahead Eurobob E5 barge swap and one barrel of the two-month ahead ULSD cargo swap.