Lambin Marketing Estrategico 3 Edicion Pdf 19
Lambin Marketing Estrategico 3 Edicion Pdf 19 ->>> https://bltlly.com/2txWjL
The text is about a concept called the 3:2:1 crack spread, which is a measure of the profitability of refining crude oil into gasoline and diesel. The text refers to a figure that shows how the 3:2:1 crack spread has changed over time, using data from the New York Mercantile Exchange (NYMEX). The text also gives a formula to calculate the 3:2:1 crack spread in dollars per barrel. The text is written in a concise and technical way, without explaining the meaning of the terms or symbols. The text could be rewritten as follows:
One of the ways to evaluate how profitable it is to refine crude oil into different products is to use the 3:2:1 crack spread. This is a ratio that compares the price of three barrels of crude oil (WTI) with the prices of two barrels of gasoline (RBOB) and one barrel of diesel (ULSD). The higher the crack spread, the more money the refiner can make by processing the crude oil. The figure above shows how the 3:2:1 crack spread has varied over time, using the prices of the nearest futures contracts for WTI, RBOB, and ULSD that are traded on the NYMEX. A futures contract is an agreement to buy or sell a commodity at a specific price and date in the future. To calculate the 3:2:1 crack spread in dollars per barrel, you can use this formula:
$$\\text{3:2:1 crack spread} = \\frac{2 \\times \\text{RBOB price} + \\text{ULSD price}}{3} - \\text{WTI price}$$
This formula takes the average of two barrels of gasoline and one barrel of diesel, and subtracts the price of three barrels of crude oil.
The 3:2:1 crack spread is a simple and widely used indicator of the refining margin, but it has some limitations. For example, it does not account for the different qualities and grades of crude oil and refined products, which can affect their prices and demand. It also does not reflect the actual product mix that a refinery produces, which may differ from the 3:2:1 ratio. Moreover, it does not include the costs of transportation, storage, taxes, and other expenses that a refinery incurs.
Therefore, some analysts and traders use more complex and customized crack spreads that better match their specific situations and objectives. For example, they may use different ratios of crude oil and refined products, such as 5:3:2 or 6:3:2:1. They may also use different types of crude oil and refined products, such as Brent, WTI Midland, LLS, RBOB, ULSD, jet fuel, or heating oil. They may also incorporate other factors, such as seasonality, regional differences, hedging strategies, or option contracts.
The 3:2:1 crack spread can provide a useful benchmark for comparing the profitability of refining across different periods and markets. However, it is important to understand its assumptions and limitations, and to use more refined and tailored crack spreads when necessary. 061ffe29dd