Very good post cdonald
Yes you are right NZR does not buy the oil.
You are also right about the Dubai Brent spread and the only reason I use WTI is I can not find any info that keeps us up to date with the spread price between Dubai and Brent plus the fact that the price of Dubai and WTI are very correlated.
Please post a link that shows the spread between Dubai and WTI if anyone can find one.
It can all be a bit hazy but if you follow the spread price plus the Singapore crack price you will get a fair idea of the margins NZR are currently getting and well ahead of their through put announcements.
Just out today the report on last weeks Singapore margins
http://www.howardweil.com/docs/Repor...NINGReport.pdf
Bottom of page 6 shows the margins are still extremely healthy.