Chart: ULSD Price Performance Over the Last Twenty Years.
Chart: Seasonal price performance of Crude, its refined products, and their spread (excluding years 2008, 2009 and 2020 in which extreme price moves were observed)
Chart: Divergence in inventories of distillate and gasoline (Source – EIA 1, 2).
Chart: Divergence in refined product inventories in US (gasoline rising and distillate declining).
Chart: Crude Oil inventories in US have stabilized in September and October.
Chart: US Refinery Utilization and Crude Inputs have slowed in October.
a. 1:1 can be used to express views on the relationship between one of the refined products and crude.
b. 3:2:1 can be used to express views on the refining margin of refineries.
c. 5:4:3 can give a more granular view of proportions of refined products produced at refineries but is far more capital-intensive.