炼油利润率本周多数上涨
%AWow$23.5122.86$31.35$19.91$11.7920tey region (53% AP, 27% NA, 20% NWE)SWeeks-5-YrAvg,2020-2024 36.99$27.9352.2%10.0%29.3%44.7$20.9310.4%51.9%5.2%44.2%19.35g7.3%3.892024 % 4 vs. 5-Yr Avg0.7%15.0%3.0°.293.8%8.B9weighted averag2025 Lloyd Byrne *IEquity Analyst(212) 323-7528 I loyd.byrne@jefferies.comSam Burwell, CFA * IEquity Analyst+1 (212) 284-2114 I sburwell@jefferies.comJohn Edelman*IEquity Analyst(212) 336-7412 ljedelman@jefferies.comEmma Schwartz*IEquityAnalyst1(212)336-7254/emma.schwartz@jefferies.comTara Bleustein * IEquity Associate+1 (212) 323-7595 Itbleustein@jefferies.comGiacomo Romeo ^ IEquity Analyst44 (0) 20 7548 4727 1 giacomo.romeo@jefferies.com JefferiesExhibit 3 - Bloomberg Fair Value Price/RBOB Gasoline-WTI Crude Oil Crack SpreadMonth 1601035791113151719 212325 27 29 31 3335 37 39 41 4345 4749 515-Yr Range,2020-2024Source: BloombeExhibit 5 - Northwest Europe Brent Crude Oil Gulf Coast 321 Crack Spread6050103 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 515-Yr Range,2020-2024Source: BloombeExhibit 7 - Composite Crack Spreads (W/W, 1-yr Avg, 3-yr Afg, 5-yr Avg)7/11/2025MarginEast Coast 2:1:1 (Brent)$24.20Gulf Coast 3:2:1 (LLS)$22.25West Coast 3:2:1 (ANS)$28.16Mid Con 3:2:1 (WTI)$22.76Jefferies Composite Margin*$25.14Exhibit 8 - Weekly Demand Summary(in mbpd)Finished Motor GasolineReformulated GasolineOther Finished Motor GasKerosene - Type Jet fuelDistillate Fuel OilResidual Fuel OilPropane/PropyleneDemand -ProductsExhibit 9 - YTD Demand Summary(in mbpd)FinishedMotorGasolineReformulated GasolineOther Finished Motor GasKerosene - Type Jet fuelDistillate Fuel OilResidual Fuel Oiland-ProductsSource: Bloomberg, EIAPlease see important disclosure information on pages 53 - 57 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited EQUITY RESEARCH IEnergyWeeklyRefining MarginsData Lloyd ByrneEquity Analystloyd.byrne@jefferies.comSam Burwell, cFAEquity Analystsburwell@jefferies.comJohn EdelmanEquity Analystjedelman@jefferies.comEmma SchwartzEquityAnalystemma.schwartz@jefferies.comTaraBleusteinEquityAssociatetbleustein@jefferies.comJefferies Crack Spreads Summary Crack Spread SummaryCracks7/11/20251-WeekGC WTI Cushing 321$24.42$23.31WCANS321$28.16$28.01GC WTS 321$24.37$23.51GCWTIMidland321$23.92$22.86Mid-Con 321$22.65$20.90GCWCS321$35.99$35.40Brent GC 321$27.93$27.64RBOBGasoline -WTI Crack Spread Front Mont$23.13$22.88GC Gasoline - WTI Crack Spread Front Month$20.73$19.94GCULSD-WTI Crack SpreadFrontMonth$30.98$31.35Brent GC ULSD Crack Spread Front Month$28.30$28.33NWEuropeBrentGC321$21.05$19.91Asia Tapis 321$8.17$9.27Asia Minas321$11.12$11.79TOCOM321 Forward 1 Month$17.52$19.84WTI Cushing321Forward 1Month$26.71$26.51WTI Cushing321 Forward 3 Months$22.89$22.95WTICushing321Forward6Months$20.53$20.52WTI Cushing 321 Average Forward (1-3-6 Month$23.38$23.32Jefferies Global Composite (3-Wk MA)*$16.96$16.67Source: Bloomberg, Jefferies.Note: QoQ/YoY% changes are vs current QTD average. Jefferies Global Composite based on weighted averages for Asia Minas, USGC WTI, andLloyd Byrne, Equity Analyst, +1 929-595-5312, lloyd.byrne@jefferies.com Composite Crack SpreadsComposite Crack Spreads (Trailing 4-wk avg, QTD, YTD)2025Trailing 4-wkMargin7/11/2025QTD AvgAvgEast Coast 2:1:1 (Brent)$24.20$24.41$24.59Gulf Coast 3:2:1 (LLS)$22.25$20.67$21.34West Coast 3:2:1 (ANS)$28.16$26.39$28.19Mid Con 3:2:1 (WTI)$22.76$21.85$23.16Jefferies Composite Margin*$25.14$24.24$25.20Composite Crack Spreads (W/W,1-yr Avg, 3-yr Avg,5-yr Avg)7/11/20257/4/20257/11/2024MarginEast Coast 2:1:1 (Brent)$24.20$24.76Gulf Coast 3:2:1 (LLS)$22.25$19.37West Coast 3:2:1 (ANS)$28.16$28.01Mid Con 3:2:1 (WTI)$22.76$22.66Jefferies Composite Margin*$25.14$24.63Source: Bloomberg, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com MPC IndicatorsMPC IndicatorsGulf Coast 321 (MEH)MidCon 321 (WTI)West Coast 32 (ANS)Source:Bloomberg, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com PSX IndicatorsPSX IndicatorsGulf Coast 321 (LLS)Central Corridor (WTI)Atlantic Basin 321 (Brent)West Coast 321 (ANS)Source:Bloomberg,JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com VLO IndicatorsVLO Indicators(%%)MidCon (58% WTI 532, 42% WTI 211)NorthAtlantic(45% NYH Brent 211, 55% NWE Brent 211)West Coast (50% SF Brent 532, 50% LA Brent 532)Source: Bloomberg, JefferiesLloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com Forward CurvesRBOB Forward Curve$95$90(iqq/s)$85$80$75$70Aug-25Feb-26Aug-26 -Feb-27Aug-27Feb-28Aug-28TodayLast WeekULSD Forward Curve$105$100$95$90$85$80$75Aug-25Dec-25Apr-26Aug-26 -Dec-26TodayLast WeekSource: Bloomberg, Jefferies8Lloyd Byrne, Equity Analyst, +1 929-595-5312, Iloyd.byrne@jefferies.com Forward Curves (Continued)RBOB / ULSD - WTI321 ForWard Curve$28$26$24/bbl)$22$20$18$16$14Nov-25Feb-26May-26Aug-26Aug-Today1 MonthSource: Bloomberg, JefferiesLloyd Byrne, Equ
