RE:EIA report was not so bad
Crack spread is calculated off 42 gallons per barrel. Right now gasoline is at $1.29 (Nymex prices). So at this moment, that translates into $54.18. With crude at 46.00, the Gasoline crack is quoted as 8.18. Many many people trade crack spreads for both Heating oil (often used for jet fuel proxy) and for RBOB - or gasoline. If you thought this crack spread was coming in, you would buy a crude contract, and sell and RBOB contract. To close out the contract, you have to of course do the opposite. Many many people trade crack spreads, as they do brent / wti spreads, and calendar spreads. Calender spreads are really used in Nat Gas in a big way. All of these trades, while they are paired trades, have an impact on the commodity. Not many people trade straight out naked contracts. There is big money made on spread contracts, and the majority of trading happens here.