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Not a NT person but there are multiple crude oil crack spreads.
The five most common, which are all 2 legged spreads and have exchange traded spreads available on both NYMEX and ICE are- WTI-Heating OIl Crack - CL vs HO
- WTI-RBOB Crack - CL vs RB
- Brent-Heating OIl Crack - BRN vs HO
- Brent-RBOB Crack - BRN vs RB
- Brent-Gasoil - BRN vs LGO
These can all be plotted with a simple spread indicator. Note: If you use a spread indicator with continuous contracts you will get some very strange results!
More complicated cracks, that give a better estimate of actual refiner margins, but not tradable as exchange traded spreads are- 2:1:1 Crack ~ 2 Crude (WTI/CL or Brent/BRN) vs 1 Gasoline & 1 Heating Oil.
- 3:2:1 Crack ~ 3 Crude (WTI/CL or Brent/BRN) vs 2 Gasoline & 1 Heating Oil.
- 5:3:2 Crack ~ 5 Crude (WTI/CL or Brent/BRN) vs 3 Gasoline & 2 Heating Oil.
To chart these you need an indicator that not only takes 3 legs, but also allows weights on those legs.
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