Contents
Crude Oil 1
Petroleum Products 5
Natural Gas 9
Figure 1. Historical crude oil front month futures prices 1
Figure 2. Crude oil front month - 13th month futures price spread 2
Figure 3. WTI Crude Oil Price Differentials 3
Figure 4. Brent crude oil price in exporting countries' currency 3
Figure 5. Energy vs Nonenergy GSCI components 4
Figure 6. Crude Oil Implied Volatility 5
Figure 7. Probability of the November 2015 WTI contract expiring above price levels 5
Figure 8. Historical RBOB futures prices and crack spread 6
Figure 9. Historical ULSD futures price and crack spread 7
Figure 10. International ULSD crack spreads 8
Figure 11. RBOB and ULSD Implied Volatility 8
Figure 12. Probability of November 2015 retail gasoline exceeding different price levels at expiration 9
Figure 13. HDD minus normal and CDD minus normal 9
Figure 14. Natural Gas and HGL prices 10
Figure 15. Natural gas historical and implied volatility 11
Figure 16. Probability of the November 2015 Henry Hub contract expiring above price levels 11