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Other income (loss), net for the three months ended March 31, 2012, is substantially the loss on heating oil call option crack spread contracts.
CHICAGO -- Fitch Ratings notes that benchmark crack spreads for refiners have skyrocketed in anticipation of Hurricane Ike's impact across a wide swath of the Gulf coast.
The crack spread is the difference between the cost of oil (an input) and the price of gasoline and heating oil (outputs).
The following table provides a reconciliation of net income (loss) available to stockholders under United States generally accepted accounting principles ("GAAP") to adjusted net income (loss) available to stockholders utilized in determining adjusted earnings (loss) per share, excluding the after-tax loss on write-off of unamortized debt issuance costs, after-tax loss on write-off of unamortized original issuance discount, after-tax (gain) loss on heating oil call option crack spread contracts, after-tax unrealized (gains) losses on commodity swaps, after-tax gain from reduction in system inventories and after-tax (gain) loss on disposition of assets.
The unfavorable contraction in the WTI Cushing to WTI Midland spread was greater than the improvement in the Gulf Coast 2/1/1 high sulfur diesel crack spread, the benefit from the widening LLS to WTI Cushing spread and the cost of crude benefit from the market moving from backwardation into contango.
For questions regarding ICE NYH RBOB Gasoline futures contracts and crack spreads, please contact Jeff Barbuto +1-646-733-5014, jeff.
The crack spread, or profit for processing three barrels of oil into two of gasoline and one of heating oil, rose to a four-month high last week as fuel demand climbed.
The heating oil crack spread may narrow once European and US refineries increase rates by end-October and focus on producing diesel.
We equally keep our European gasoil crack spread forecast for 2H10 of $11.
The fuel oil crack spread rose to a discount of around $2.
heating oil spread (A6); RBOB gasoline BALMO (1D); RBOB crack spread BALMO (1E); heating oil BALMO calendar (1G); heating oil crack spread BALMO (1H); Gulf Coast gasoline crack spread BALMO (1J); gasoline up-down BALMO (1K); ULSD up-down BALMO (1L); and jet up-down BALMO (1M).
By the start of the driving season, the gasoline crack spread improved slightly over the last two weeks, but it is still far below the level which was experienced over the same period in the last few years.