The simple 1:1crack spread per barrel is given by formula 42*RB - CL. For example, today Peppa George II bought 1:1 Jan16-Jan16 spread for (42 *$1.3512 -$48.96)/barrel and sold for (42*$1.3579-$48.8)/barrel. Those numbers are 7.7904 and 8.2318, respectively. Both RB and CL contracts are for 1000barrels. $Profit is (8.2318-7.7904)*1000 -14.88 which is about $425.
For more information google Crack Spread Handbook at cme.com
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