1:1 distillate crack (HO/ULSD-WTI)
Crack SpreadsLong Crack
Long heating oil/ULSD short WTI; winter heating + diesel demand
Source: CME
1:1 gasoline crack (RBOB-WTI)
Crack SpreadsLong Crack
Long RBOB short WTI; profits when refining margin widens; refiner natural hedge
Source: CME
2:1:1 balanced crack
Crack SpreadsLong Crack
Long 1 RBOB + 1 ULSD short 2 WTI; balanced product yield
Source: EIA
3:2:1 crack spread (WTI)
Crack SpreadsLong Crack
Long 2 RBOB + 1 ULSD short 3 WTI; standard US refining margin proxy
Source: CME Wikipedia
5:3:2 crack spread
Crack SpreadsLong Crack
Long 3 RBOB + 2 ULSD short 5 WTI; for refineries with lower gasoline yield
Source: CME
Algonquin Citygate basis
Natural GasLong AlgoCG
NE pipeline constraints push basis wide in winter cold
Source: Basis
Asphalt-WTI spread
RefiningLong/Short
Asphalt = vacuum residue; price tied to road construction
Source: Crude
Bakken-WTI differential
Crude LocationsLong/Short
Bakken North Dakota crude discount; rail/pipeline constraints
Source: Crude
Bloomberg Commodity Index (BCOM) sector tilts
Inter-CommodityLong/Short
BCOM components: tilt energy/metals/ag/livestock; sector momentum or contrarian
Source: BCOM
Brent crack spread (3:2:1)
Crack SpreadsLong Crack
3:2:1 using Brent crude; European refiner economics
Source: ICE
Brent prompt vs 6-month
Calendar SpreadsLong/Short
Brent term structure trade; super-contango buy storage and sell forward
Source: ICE
Brent-Dubai EFS spread
Crack SpreadsNeutral
Brent vs Dubai/Oman; west-east crude flow arb; tankers freight key
Source: ICE
Bunker fuel-crude crack
Crack SpreadsNeutral
IMO 2020 sulfur regs reshuffled bunker market; trade structural changes
Source: IMO
CAISO solar duck curve
PowerLong Mid-Day
CA solar oversupply mid-day = negative prices; long evening peaks
Source: CAISO
CRB index basket trade
Inter-CommodityLong/Short
Trade Commodity Research Bureau index basket; broad commodity cycle
Source: CRB
Calendar spread option (CSO)
VolatilityLong/Short
CSOs on WTI calendar; trade vol of calendar spread directly
Source: CME
California Cap-and-Trade auction trade
CarbonLong CCA
CA carbon allowance has floor price; auction-cycle trade
Source: CARB
Capesize-Panamax spread
FreightLong/Short
Big ships (Cape) vs medium (Panamax) freight; commodity cargo mix
Source: Baltic
Cattle crush (cattle-feeder-corn)
LivestockLong Crush
Long live cattle short feeder + corn; feedlot margin hedge
Source: CME
Class III milk basis
LivestockLong/Short
Cheese-class III milk basis; processor hedge
Source: CME
Clean spark/dark with carbon
Natural GasLong/Short
Add EU ETS carbon allowance cost to spark/dark for clean margin
Source: Carbon
Cocoa NY-London arb
AgricultureNeutral
NY ICE vs London LIFFE cocoa; FX and quality differences
Source: Cocoa
Coffee Arabica-Robusta spread
AgricultureLong/Short
Arabica (premium) vs Robusta (instant); growing region weather
Source: Coffee
Container SCFI vs CCFI basis
FreightNeutral
Shanghai outbound vs China-origin container indices
Source: Container
Copper-aluminum ratio
Inter-CommodityLong/Short
Both industrial; trades regional supply/demand differentials
Source: Metals
Copper-gold ratio
Inter-CommodityLong/Short
Industrial copper vs safe-haven gold; macro risk-on/off proxy
Source: Metals
Corn-wheat substitution
AgricultureLong/Short
Corn vs wheat for feed; substitutability drives spread
Source: Ag
Cotton old crop-new crop spread
AgricultureLong/Short
July (old) vs Dec (new); harvest forecasts drive
Source: Cotton
Crude calendar vol spread
VolatilityLong/Short
Front month vol vs deferred; calendar vol curve
Source: CME
Crude flat vol trade (sell vol)
VolatilityShort Vol
Short straddle when range-bound; collect theta
Source: CME
Crude oil OVX index trade
VolatilityLong/Short
OVX = crude oil VIX; trade vol levels via futures or options
Source: CBOE
Crude skew trade (puts vs calls)
VolatilityNeutral
Crude put skew vs call skew; tail risk pricing
Source: CME
Crush spread (soybean/oil/meal)
AgricultureLong Crush
Long beans short oil + meal in correct ratio; soybean processor margin
Source: CME
Cushing inventory + WTI curve trade
Calendar SpreadsLong/Short
Cushing OK storage levels drive WTI curve shape; trade vs forecast inventory
Source: EIA
Cushing-Houston pipeline arb
Crude LocationsLong/Short
WTI Cushing vs WTI Houston Gulf Coast; pipeline capacity
Source: EIA
Dark spread (coal-power)
Natural GasLong Dark
Power - heat rate * coal; legacy coal margin
Source: Energy
Diesel-jet fuel spread
RefiningLong/Short
Diesel ground transport vs jet aviation; tank substitution
Source: Energy
EPEX peak-offpeak
PowerLong Peak
EU peak vs offpeak power; demand profile
Source: EPEX
ERCOT North Hub trade
PowerLong Volatility
ERCOT power highly volatile; weather + wind/solar driven; trade extremes
Source: ERCOT
ERCOT scarcity pricing trade
PowerLong Spike
ERCOT $9000/MWh cap during scarcity; trade ORDC scarcity adders
Source: ERCOT
EU ETS December calendar
CarbonLong Dec
EUA Dec annual settlement; trade vs banking expectations
Source: EU ETS
EUA-CBAM basis trade
CarbonLong CBAM
EU CBAM phasing in; arb domestic vs imported carbon-cost differential
Source: CBAM
Ethane vs natural gas spread
Natural GasLong/Short
Ethane is petrochemical feedstock; spread trades petrochem demand
Source: NGL
European TTF vs Henry Hub spread
Natural GasLong TTF
TTF (NL) - HH spread blew out 2022 EU energy crisis; long-USD short-EUR convert
Source: Reuters
Floating storage tanker trade
Calendar SpreadsLong Carry
Charter tankers as floating storage in deep contango; capture yield (2020 negative-WTI)
Source: 2020 Lesson
Frac spread (NGL-NG)
Natural GasLong Frac
Natural gas liquids (ethane propane) vs natural gas; processing margin
Source: NGL
Gold-oil ratio
Inter-CommodityLong/Short
Gold ounces per barrel; macro risk-on/off and inflation indicator
Source: Macro
Gold-platinum ratio
Inter-CommodityLong/Short
Platinum auto demand vs gold monetary; trade industrial-monetary mix
Source: Metals
Gold-silver ratio
Inter-CommodityLong/Short
Gold/silver ratio mean reverts 60-90; trade ratio extremes
Source: Metals
Henry Hub seasonal calendar
Natural GasLong Winter
Long March short April (widow-maker spread); winter end-of-storage drawdown
Source: NG
Hog crush (hog-corn-soymeal)
LivestockLong Crush
Long hog short corn + meal; hog feeder margin
Source: CME
Hog-corn ratio
LivestockLong/Short
Hog price vs corn feed cost; producer margin
Source: CME
Inter-exchange Brent-WTI calendar
Calendar SpreadsLong/Short
Same-month Brent vs WTI calendar spread; slope of each curve diverges
Source: CME ICE
JKM (Japan-Korea Marker) - HH spread
Natural GasLong JKM
JKM = Asian LNG benchmark; arb US LNG export economics
Source: JKM
Jet fuel crack spread
Crack SpreadsLong Crack
Jet fuel vs crude; airline + jet fuel demand drivers
Source: NYMEX
LLS-Brent spread
Crude LocationsNeutral
Louisiana Light Sweet vs Brent; US export benchmark
Source: Crude
LNG corridor arb (Atlantic-Pacific)
GeographicalNeutral
Atlantic basin LNG (Algeria/Nigeria) vs Pacific (Australia/Qatar) shipping economics
Source: LNG
LR1 vs LR2 product tanker spread
FreightLong/Short
Long Range product tanker classes; refined product trade flows
Source: Tanker
Live cattle-feeder cattle spread
LivestockLong/Short
Feeder vs live cattle reflects feed grain cost passthrough
Source: CME
Marcellus-NYMEX basis
GeographicalShort Marcellus
Appalachia gas production discount; pipeline takeaway constraint
Source: NG
Mars-WTI sour-sweet spread
Crack SpreadsNeutral
US sour vs sweet; refinery upgrading economics
Source: NYMEX
Maya-WTI heavy-light spread
Crack SpreadsNeutral
Mexican Maya heavy vs WTI light; complex refinery hedge
Source: CME
NG-Henry Hub vs basis (regional)
Natural GasNeutral
Hub price vs regional pricing points (TETCO M3 Permian Waha Algonquin)
Source: Basis
Naphtha-gasoline spread
RefiningLong/Short
Naphtha = petchem feed vs gasoline; demand splits
Source: Petchem
Natgas vol trade (NG IV)
VolatilityLong/Short
NG implied vol mean reverts; storage and weather drive spikes
Source: CME
Octane premium-unleaded spread
RefiningLong/Short
Premium 91/93 vs 87 octane; refining complexity
Source: EIA
October-January spread (storage build)
Natural GasShort Oct
Capture storage build season pressure on Oct vs winter Jan
Source: NG
PJM Western Hub day-ahead/real-time
PowerLong DA
DA-RT spread; discount in DA when overforecast solar/load
Source: PJM
Permian Waha basis trade
Natural GasShort Waha
Waha discount widens when Permian production exceeds pipeline; capacity additions reverse
Source: Basis
Permian-Henry Hub natgas basis
GeographicalShort Permian
Permian production exceeding takeaway widens basis; pipeline addition narrows
Source: NG
Petcoke-coal spread
RefiningLong/Short
Petroleum coke vs coal; cement/power substitute
Source: Energy
Platinum-palladium ratio
Inter-CommodityLong/Short
PGM auto catalyst substitution; trade ratio extremes
Source: Metals
Propane winter premium
Natural GasLong Propane
Propane heating demand drives winter premium
Source: NGL
Quanto power-temperature
PowerLong/Short
Power demand correlated to temperature; quanto product hedges joint risk
Source: Quanto
RBOB summer-winter blend spread
Crack SpreadsLong Summer
Summer-spec RBOB more expensive than winter; trade ahead of March 1 spec change
Source: EIA
RGGI auction front-running
CarbonLong RGGI
RGGI quarterly auctions; reserve price trade
Source: RGGI
Renewable curtailment trade
PowerShort Mid-Day
Wind/solar curtailment depresses prices; short mid-day go-long peak
Source: Power
Reverse cash-and-carry (backwardation)
Calendar SpreadsShort Spot
Short spot long deferred when backwardation exceeds carry; rare
Source: Bond
Reverse crack (short refining margin)
Crack SpreadsShort Crack
Sell crack spread when refining margins peak; mean revert from extremes
Source: CME
Reverse crush (short margin)
AgricultureShort Crush
Sell crush when margins extreme; mean revert
Source: CME
Singapore Gasoil-Brent crack
Crack SpreadsLong Crack
Singapore gasoil vs Brent; Asian refining margin
Source: ICE
Soybean oil-soybean meal ratio
AgricultureLong/Short
Oil vs meal demand mix; biofuel vs feed
Source: CBOT
Spark spread (gas-power)
Natural GasLong Spark
Power price - heat rate * gas price; generator margin hedge
Source: Energy
Storage arb (cash-and-carry)
Calendar SpreadsLong Storage
Buy physical store sell deferred futures when contango exceeds storage cost
Source: Storage
Storage option (real option) on crude
VolatilityLong Optionality
Real-option value of storage = max(0 contango - storage cost); trade structure
Source: Real Options
Sugar #11 vs #16 spread
AgricultureLong/Short
World sugar (#11) vs US domestic (#16); subsidies create spread
Source: Sugar
Time charter equivalent (TCE) trade
FreightLong/Short
Spot rate net of voyage costs; earnings proxy for shipping
Source: Freight
US-Asia LNG arb
GeographicalLong Asia
US LNG export to Asia (JKM) - HH - liquefaction cost - shipping
Source: LNG
US-Europe LNG arb
GeographicalLong EU
US LNG to EU TTF - HH - costs; closes when spread shrinks
Source: LNG
Urals-Brent discount (post-sanctions)
Crude LocationsShort Urals
Russian Urals discount widened post Feb 2022; structurally wide due to sanctions
Source: Sanctions
VCM-compliance market spread
CarbonLong Compliance
Voluntary carbon vs compliance allowances; quality and integrity-driven discounts
Source: VCM
VLCC-Suezmax spread
FreightLong/Short
Very Large Crude Carrier vs Suezmax tanker rates
Source: Tanker
VLSFO-HSFO spread (post-IMO 2020)
Crack SpreadsLong VLSFO
Very low sulfur fuel oil vs high sulfur; widened post 2020 mandate
Source: IMO
WTI calendar Dec-Dec
Calendar SpreadsLong/Short
Trade Dec24-Dec25 calendar spread; contango/backwardation views
Source: CME
WTI prompt vs 12-month back
Calendar SpreadsLong/Short
Front contract vs 12 months out; near-term tightness vs long-term
Source: CME
WTI-Brent quality spread
Crack SpreadsNeutral
Trade WTI-Brent diff; varies on US production transport bottlenecks Cushing inventory
Source: CME ICE
WTI-LLS spread (Light Louisiana Sweet)
Crack SpreadsNeutral
WTI vs LLS Gulf Coast; US production constraints
Source: EIA
Western Canadian Select (WCS) discount
Crude LocationsLong WCS
Canadian heavy oil; trades large discount due to pipeline constraints; widened 2018-2019
Source: Canadian Crude
Wheat futures: Chicago-KC-MGEX
AgricultureLong/Short
Soft red (CBOT) hard red (KC) hard red spring (MGEX); protein/region
Source: Wheat
Widow-maker (March-April) spread
Natural GasLong March
Famously volatile; trade end-winter inventory; Amaranth blew up 2006
Source: NG
An encyclopedia of publicly documented strategies for education. YCAI does not recommend, endorse, or trade any of these. Not investment advice.