Tools › Oil and NGL valuation
Oil and NGL valuation on forward curves
Refining margins, NGL frac spreads, swaps, tank storage and options on EOX's crude, refined products and NGL forward curves, with every spread measured against its own history.
What you can value
Spreads
- Crack spreads: 3-2-1, 2-1-1 and single-product cracks against the major crude benchmarks, or your own mix of products and crude, in dollars a barrel for each coming month
- NGL frac spreads: each component and the composite barrel against natural gas with the same energy content, with the barrel mix you choose
- Where each month ahead sits against the same tenor on past curve dates: average, range and percentile
Deals
- Swaps: fixed for floating on any crude, product or NGL curve, marked month by month with delta
- Tank storage: the best fill and draw plan on the curve, net of lease, and a backtest that re-hedges it on every day of EOX's curve history
- Options: calls and puts on each month, valued with volatility measured from EOX's own curve history, or a volatility you give
Results follow your subscription: each tool uses only the curves it covers, and month-end subscribers and trials see the curve dates they would in the data.
Example: a 3-2-1 crack
| Month | Crack ($/bbl) | 3-year average | Percentile |
|---|---|---|---|
| 2027-01 | 24.60 | 27.15 | 31% |
| 2027-02 | 25.85 | 27.90 | 36% |
| 2027-03 | 28.40 | 29.05 | 45% |
Values are illustrative.
Use it from
Python
from eoxlive import EOX
eox = EOX("YOUR_KEY")
eox.oil_crack() # the default 3-2-1: months ahead and history
eox.oil_frac() # NGL components and the barrel against gas
eox.oil_storage("crude", "CURVE1", "2027-03", "2027-12", capacity=500_000,
injection_rate=50_000, withdrawal_rate=50_000, lease=0.40)REST
curl -H "X-API-Key: YOUR_KEY" -H "Content-Type: application/json" \
-d '{"months": 24, "years": 3}' https://api.eoxlive.com/v1/analytics/oil/cracksOr in the browser: Oil and NGL valuation, signed in with your EOX account.
Questions
- How is a crack spread measured?
- Product prices in dollars a gallon are converted to dollars a barrel and weighted by the barrels of each product per barrel of crude; the crude price is taken off. A 3-2-1 is two barrels of gasoline and one of distillate for every three of crude.
- What is the frac spread?
- The value of natural gas liquids less the natural gas with the same energy content: what processing earns by extracting the liquids instead of leaving them in the gas.
- Where does option volatility come from?
- EOX publishes no implied volatilities for these curves, so options use each contract's own day-on-day changes on EOX's curve history, annualised, or a volatility you give.
- Is this a forecast?
- No. Spreads and values are measured on EOX's forward curves; the history shows where today's spread sits against its own past.
Included with your subscription. The tools use the curves, vols and correlations your subscription already covers, under the same entitlements, and are never charged for separately. Results are for information only; values shown on this page are illustrative.