Settlements for

CLK 85.27 CLM 84.46 CLN 83.67

HOJ 2.2298 HOK 2.3195 HOM 2.1372 HON 2.3350

RBJ 2.1089 RBK 2.1172 RBM 2.1372 RBN 2.1567

QOK 82.97 QOM 82.69 QON 82.33

1. What is the value of the June Brent/WTI spread?

2. What is the value of the April RBOB/Heating Oil spread?

3. What is the value of the May Heating Oil crack?

4. What is the value of July RBOB crack?

5. What is the value of the May 3-2-1 crack

6. What is the value of the May RBOB calendar swap?

7. What is the value of the June 2-1-1 crack?

8. Distinguish the difference, if any, between the June 3-2-1 crack and the June 3-2-1 calendar swap crack?

9. What is TAS & how it used to manage risk and what risk?

10. Compare and contrast EFP & TAS.

11. Domestic crude is priced on a formula

$ = CMA + Argus Roll + Argus Grade & Location + Basis

There are two different methodologies of averaging prices in this formula; Calendar Spread & Trade Month. Basis is a negotiated bullet value. What is the methodology used for the other 3 components of price, by component?