New formula yields coking refinery margins more reliably

A new coking-spread formula is a simple, easily applied, and reliable indicator of US Gulf Coast heavy, sour crude coking margins.Heavy, sour crude coking margins-and not the economics of the few remaining cracking refineries-have had a more significant effect on the economic performance of the US Gulf Coast refining industry in recent years. The traditional 3-2-1 crack-spread formula, therefore, has lost much of its historical utility as an indicator of the economic performance of the refining industry as a whole, and coking refineries in particular.The coking-spread formula is as an effective replacement for the crack-spread formula; it better reflects today’s refining industry ec...

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