|SThe year 2004 brought not only high crude
prices, but also high light-heavy crude price differentials.
|SThe wider the difference in quality, the
wider the price spread.† Thus,
WTI-Maya has the widest price spread and West Texas Sour has the smallest
|SNote that, like crude oil prices, the
light-heavy price differentials showed different behavior after 2000 than
during the 1990ís, which is not a coincidence, as will be discussed later.