Oil and NGL valuation
Crack spreads, NGL frac spreads, swaps, tank storage and options on EOX's crude, refined products and NGL curves.
Crack spreads
A refining margin on EOX's curves for each coming month, $ per barrel of crude, and where each tenor sits against its own history on past curve dates.
Prompt month crack
$/bbl, the next month on each curve date
Coming months
Against history
NGL frac spread
The NGL barrel against natural gas with the same energy content: each component's frac spread and the barrel's value, gas cost and margin by month.
Prompt month barrel margin
$/bbl, NGL barrel less gas, the next month on each curve date
Coming months
Against history
Swaps, storage and options
On any crude, product or NGL curve, month by month on the latest curve date. Volumes and prices are in the curve's own units (bbl and $/bbl for crude); US NGL component curves are in cents a gallon and are converted to dollars.
How these are measured.
- Cracks: product $/gal x 42 less crude $/bbl, weighted by the barrels of each product per barrel of crude (a 3-2-1 is two of gasoline and one of distillate per three of crude).
- Frac spread: each NGL component in cents a gallon less natural gas at the component's energy content (MMBtu a gallon); the barrel is the mix you set.
- History: each tenor (months ahead of the curve date's month) on every past curve date you may see, from the Month contracts, on dates every leg has. The percentile is where today's value sits in that history.
- Storage: the best monthly fill and draw plan on the curve (intrinsic value) at flat rates, less the lease; the backtest runs the same tank over the latest fully delivered cycle, re-hedging on every curve date.
- Options: European options on each month's swap price, expiring the business day before the month, with historical vol from each contract's own day-on-day changes on EOX's curves (EOX publishes no implied vols for these curves). An average-price option on the same month is worth less.
- Nothing you enter is stored.