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The traditional approach to hedging the crude oil refining margin (crack spread) adopts a fixed 3:2:1 ratio between the futures positions of crude oil, gasoline, and heating oil. The latest research indicates that this might not be the optimal approach
The latest IEA report and projections buck the trend and gives the oil majors at least a lease on life in the face of renewables growing market share.
Iran, like Mexico, has a new and more reform-minded president who wants to loosen the national oil company’s grip on his country’s massive reserves, and bring in private investment to boost output. The reappointment of Bijan Zanganeh has brought a promise to restore output to 2005 levels of around 4.2m barrels a day, a 60% boost on current output. He is promising to speed up work on the country’s South Pars offshore gas development, which has suffered big technical and financial problems as sanctions have scared away foreign investors. But his proposal to foster a competitive private sector to help develop Iran’s many stalled energy projects will pit him against the powerful Revolutionary Guard.