Source: Bloomberg Gulf Coast Conventional
Gasoline, No. 2 Heating Oil; NW Europe 0.2% Heating Oil and Premium
Gasoline
SIn both 2005 and 2006, the average diesel spot crack spread
(spot product price minus crude oil price) exceeded the regular gasoline
crack spread.For most years, gasoline
crack spreads exceeded the diesel crack spreads on average, except for those
years, like 2000, where unusually cold winter spells resulted in heating oil
prices carrying diesel prices up.
SThis change in relative margins occurred well before the
U.S. ULSD program got underway, and thus is not a result of this product
transition.
