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NRGD - What Were Processing Spreads Telling Us About Crude Oil?
MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN
One of my favorite parts of market structure in the commodities asset classes when it comes to clues about the path of least resistance of prices is the processing spread. When one raw material that trades in the futures market is an input in another that also trades independently on a futures exchange, it tells us a lot about the fundamental supply and demand status of the underlying commodity.
In the world of crude oil, crack, refining, or processing spreads are all the same and represent the economics of turning a barrel of crude oil