Light-Heavy Product Price Differential & Crude Oil Price
Source: Bloomberg spot prices – GC - Gulf Coast, NWE-Northwest Europe ARA Barge, WTI – West Texas Intermediate Cushing
SThis chart depicts the light-heavy product price spread explicitly, highlighting the correlation with crude oil prices.  This view shows that light-heavy product price movements in 2004 were consistent with historical movements of crude oil.

SThe slide also shows both U.S. light-heavy product spreads and Northwest European product spreads to illustrate that this product behavior behavior is not just a U.S. issue.