“The index is designed for retail investors in Germany who want to hedge against higher petrol prices at the pump,” says Tim Owens, head of the currency and commodity solutions group at JP Morgan in London.
Refining margins measure the difference in value between the products produced by a refinery and the value of the crude oil used to produce them. The margins differ from refinery to refinery and will depend on the price and characteristics of the crude used.
Owens says the index has been
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