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.