  We study an efficient strategy based on finite elements to value spread
options on commodities whose underlying assets follow a dynamic described by a
certain class of two-dimensional Levy models by solving their associated
partial integro-differential equation (PIDE). To this end we consider a
Galerkin approximation in space along with an implicit scheme for time
evolution. Diffusion and drift in the associated operator are discretized using
an exact Gaussian quadrature, while the integral part corresponding to jumps is
approximated using the symbol method recently introduced in the literature. A
system with blocked Toeplitz with Toeplitz blocks (BTTB) matrix is efficiently
solved via biconjugate stabilized gradient method (BICSTAB) with a circulant
pre-conditioner at each time step. The technique is applied to the pricing of
\textit{crack} spread options between the prices of futures RBOB gasoline
(reformulated blendstock for oxygenate blending) and West Texas
Intermediate(WTI) oil in NYMEX.
