Nymex is a publicly traded company that handles billions of dollars worth of energy products, metals and other commodities. The above chart is the us gulf coast wti 321 crack spread or usgc wti 321. Why to keep an eye on the gasoline crack spread bloomberg. The nymex gasoline crack spread, a rough measure for how much refiners make from producing the motor fuel, sank more than 30 percent in june, the biggest drop for the month in a decade, helped by. Since the refining process involves cracking crude oil into its major components, the spread is referred to as a crack. Chapter 17 crude oil and the crack spread price analysis. Data delayed at least 15 minutes, as of feb 25 2020 00. The companys two principal divisions are the new york mercantile exchange and commodity exchange, inc comex, once separately owned exchanges. The software is free to download, but you need an account set up, and authentication is biometric so you cant easily hack someone elses either. Since the start of the shale oil boom in 2011 crack spread margins for. Since oil comes under the energy segment, it is traded in nymex.
Trading a position in the crack spread results in two separate positions in the underlying futures legs i. Therefore, we are now using bloombergs wti crude oil spot price, as shown here for 2012 and 20. The 321 crack spread is the difference between the market value of the key refinery input crude oil and the two key refinery outputs gasoline and diesel fuel weighted in rough proportion to their shares of production. Oil downturn not horribly damaging to the longterm us economy. Energy levels november 11, 2010 2 industry updates. The 321 crack has fallen 56 percent this year from its high in march. Rbob gasoline crack spread futures quotes cme group.
Two of the major oil products produced in refineries are heating oil and unleaded gasoline. For example, nymex offers virtual crack spread futures contracts by treating a. The crack spread study is a futures transaction that parallels the process of refining light crude oil cl into petroleum products, such as heating oil ho and unleaded gas hu. Find the latest crude oil wti prices and crude oil wti futures quotes for all active contracts below. A look at the latest business news and trends in the western hemisphere.
Up to 20 years of historical data can be purchased for more information click here. Some examples include aluminium, coal, electricity, gasoline, gold and. Months forward 45 55 65 75 85 95 1 11 21 31 41 6 month range 4162015 1 month ago 6 months ago months. Settlement prices on instruments without open interest or volume are provided for web users only and are not published on market data platform mdp. All market data contained within the cme group website should be considered as a reference only and should not be used as validation against, nor as a complement to, realtime market data feeds. Crack spreads are defined as multiterm ratios, such as a. Bloomberg nymex wti cushing crude oil first month 321 crack spread source. The 321 crack spread is a commonly used formula in the oil industry, expresses the theoretical margin in dollars per barrel. Connecting decision makers to a dynamic network of information, people and ideas, bloomberg quickly and accurately delivers. Is there a way one can hack the bloomberg terminal with a. Ticker technologies 500 north broadway, suite 265 jericho, ny 11753 516 8694761 18665152082. Nymex henry hub saw a busy trading week with rising temperatures and returning production seeing money managers liquidate their longs. Latest futures price quotes as of sun, feb 16th, 2020. Index there are two types of variable products, nymex and index.
Bloombergs wti crude oil price has historically matched very closely to wsjs. Why the huge inventory build didnt crash oil prices. The 321 crack spread is found through simple arithmetic as. Crack spread is defined as the difference between the price of a particular crude oil and a weighted average of the prices of a few refined products, as these prices are registered in commodity markets. Thanks for the a2a nymex and brent are two different entities. Why oil prices are precariously close to another steep. If a crack spread is a positive number then the price of the refined products is higher than that of crude oil, the raw material, and the spread is profitable. A comparison between the cm and the om will reflect what was projected to happen in a given month the om as compared to what the spot market actually returned the cm. Crack spread calculations demystified seeking alpha. All positions are financially settled and appeal to both physical and financial. Computing a crack spread is simple and requires no proprietary information. The metric assumes that for every three barrels of crude oil, refiners produce two barrels of. We use the spot month rbob gasoline pergallon price multiplied by 42 to reach a barrel, and the spot month ny heating oil per. The crack spread represents the theoretical refining margin.
Money for nothing i need my 321 is the us refining party over. Last week august 7, 20 the 321 crack spread based on nymex cme crude and. The metric assumes that for every three barrels of crude oil. The index name is intimidating bloomberg nymex wti cushing crude oil first month 321 crack spread but its basically the amount of profit a refiner makes selling gasoline and other. Meanwhile, the managed money net long fell 32,406 lots weekonweek to 186,974 lots as of 6 february. Crack spread is a term used on the oil industry and futures trading for the differential between. Crack spreads based on wti crude oil have been considerably higher than those based on other crude oils this year. Indeed, the new york mercantile exchange is the biggest commodity futures exchange in the world. All positions are financially settled and appeal to both physical and financial traders. Energy futures, metals futures, financials futures.
Bno is only a guideline given the ability of many refiners to. Nymex is the abbreviation for new york mercantile exchange which trades in futures exchange of energy and platinum. Download stock data and historical quotes for new york. This page lists all futures symbols for the selected exchange. Last week august 7, 20 the 321 crack spread based on nymex cme crude and refined product prices that is seen as a proxy for the performance of us refinery margins, reached a two year low.
Oil refiners in us at full throttle with margins under. The worlds largest physical commodity futures exchange. Prestige economics president and chief economist jason schenker discusses oil prices, product inventories and demand for oil from refiners. Wti crude oil nymex brent crude ice rbob gasoline nymex natural gas nymex heating oil nymex.
The ice rbob gasoline crack spread allows you to trade the spread between ice rbob gasoline futures and ice wti futures. The nymex gasoline crack spread, a rough measure for how much refiners make from producing the motor fuel, sank more than 30 percent in. Aggregate open interest in nymex henry hub fell from 1. The chart below on the left shows both the 321 wti nymex crack spread blue line and the 321 brent crack red line. The rbob gasolinebrent crack spread allows you to trade the spread between rbob gasoline futures and brent futures. Finally, divide the result by 3 to produce a crack spread in dollars per barrel. Cl1 commodity quote generic 1st cl future bloomberg. Each futures symbol shows all of the open contracts with the contract name and month, last price, change, open, high, low, volume and open interest. If the spread is a negative number, the products are priced at less than the cost of crude and are not profitable.
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