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1、Issue32WednesdayNovember9,2011Thisissue…InsidetheOilMarkets:CrackSpreadsVFocus:StanleyDash,VP,AppliedTechnicalAnalysisTechnicalwithErikSkyba,CMT,Sr.QuantitativeAnalystTSLabs@TradeStation.comVMarkets:FuturesSummaryVTimePerspective:Crude oil and its distilled products are essenti
2、al parts of our modern world. From Intermediate-termtransportation and agriculture to heating and cooling, petroleum fuels industry and so much VStudies/FilesIncluded:of the way we live. Of course, crude oil and its products are produced and consumed around Indicatorthe world
3、 and so they are also a major part of modern financial markets. StrategyWorkspaceThe NYMEX division of CME Group hosts trading in futures on crude oil, gasoline and heating oil. This presents opportunities for tracking and trading relative valuations among these closely rela
4、ted markets. In the futures markets, such value relationships are known as spreads. Futures spreads are an integral part of the markets and are actively traded by many participants, both speculators and hedgers. Spread valuations not only offer spread traders insights into
5、economic and industry conditions, but also may be a useful indicator to those trading crude oil or one of its products on an outright basis. This Analysis Concepts paper examines the general idea of tracking oil spreads and using the values to trade crude oil futures. Introduct
6、iontoCrackSpreadsCrude oil is a raw material. When distilled, or “cracked,” crude oil yields a range of useful products including gasoline, heating oil and other products known collectively as distillates. It is these products that are consumed in the industrial and consumer
7、markets. Gasoline and heating oil account for the lion’s share of product from a barrel of crude oil, as well as the lion’s share of its value. In fact, these two so dominate the valuation metrics that other products are often disregarded in the financial markets. Manufacture
8、rs in any industry closely monitor the cost of their r
