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May rbob gasoline futures crack are also trading higher.75 per gallon (73.50 per barrel).
He executes this by selling May rbob gasoline futures.60 per gallon (or.20 per barrel and buying April crude oil spread futures.00 per barrel.
For example, nymex offers virtual crack spread futures contracts by treating a basket of underlying nymex futures contracts corresponding to a crack spread as a single transaction.At times, however, refiners do the crack opposite: they buy refined products and sell spread crude oil, and thus find buying a crack spread a useful strategy.Each refining company must assess its particular position and develop a crack spread futures market strategy compatible with its specific cash market operation.On September 15, the spread refiner decides to sell the 3:2:1 crack spread by selling two rbob gasoline futures and one ulsd futures, and buying three current crude oil futures, thereby locking spread in the 3:2:1 crack spread.60 per barrel.Since the futures market reflects the cash market, April crude oil futures are also selling.00 per barrel in March 10 more than when he purchased them.This refining ratio has prompted many market participants to concentrate on 3:2:1 crack spreads three crude oil futures contracts versus two gasoline futures contracts and one ulsd futures contract.In the futures markets, the "crack spread" is a specific spread trade involving simultaneously buying and selling contracts in crude oil and one or more derivative products, typically gasoline and heating oil.Oil refineries may trade a crack spread to hedge the price risk of their operations, while speculators attempt to profit from changes in the oil/gasoline price differential. Buying the crack spread means you buy the refined products while selling crude oil.
A crack spread is a measure of the short term profit margin experienced by refineries.
Furthermore, lacking adequate storage space for incoming supplies of tutorials crude oil, the project refiner must sell the excess crude oil in the spot market.Heavier crude oils contain a higher proportion of heavy hydrocarbons composed of longer carbon chains.The refiner locks in.20 per update barrel profit on this crack spread futures trade (31.40 per barrel less the.20 per barrel crack spread in January).This field is for validation purposes and should be left unchanged.Since the futures market reflects the cash market, April crude oil futures are also selling.00 per barrel in March.00 less than when he purchased game them in January.The crack spread is"d in dollars per barrel; since crude oil is"d in dollars per barrel and the refined products are"d in cents per gallon, diesel and gasoline prices must be converted to volume dollars per barrel by multiplying the centsper-gallon price.In January, a refiner reviews his crude oil acquisition strategy and his potential gasoline margins for the spring.To calculate the 3:2:1 crack spread for a Gulf Coast refinery crack that processes Louisiana Light Sweet (LLS) crude oil, add the spot price for two barrels of Gulf Coast conventional gasoline to the spot price for one barrel of Gulf Coast ultra-low sulfur diesel.Had the refiner been un-hedged, his cracking margin would have been limited to the.80 gain he had in the cash market. The spread approximates the profit margin that an oil refinery can expect to make by " cracking " the long-chain hydrocarbons of crude oil into useful shorter-chain petroleum products.
Buy or sell the Crack Spread?
Such a situation can severely narrow the crack spread, which represents the profit margin a refiner realizes when he procures crude oil while simultaneously selling the refined products into a competitive market.