And our contribution to the general rise of crude oil prices… not sure what a crack spread is, though.
From the BT, dateline 2010-09-08:
Petroliam Nasional Bhd, Malaysia’s state oil and gas company, increased a price-adjustment factor for its Tapis crude for this month’s shipments to a record.
The factor was raised by 40 cents, or 11 per cent, from August to US$4.10 a barrel for September, said an official at Petronas, as the Kuala Lumpur-based company is known, asking not to be identified because of corporate policy. Last year, the price factor averaged US$2.48.
The increase follows a recovery in margins for processing light crude such as Tapis into gasoil, or diesel. The product’s premium to Dubai crude, the Asian benchmark, was at US$11.38 a barrel today, up 42 per cent so far this year, according to brokers PVM Oil Associates. This crack spread is a measure of refining profit.
Wata - Malaysian Oil and Gas Engineer 