What drove crude prices up in 2004?
What caused the light-heavy crude price
differences to change in the short run?
What role did refinery capacity and heavy
crude oil production play in 2004 light-
heavy crude oil price differentials?
Are higher refinery margins going to
continue in the future and what lies ahead
for refinery capacity?
Another important price change in 2004 was the increase in light-heavy crude price differences that occurred.
As the data came in for 2004, the main driver behind this rapid increase was not what many analysts were postulating.