OPIS provides pricing, news, market analysis and software for the global supply chain. Our mix of products helps you find success in complex and volatile energy marketplaces.
What IS an OPIS index?
OPIS Index means the monthly average of the daily average (AVG) prices per Gallon, for the Month of delivery, as quoted by Oil Price Information Service (“OPIS”) in the OPIS-LP-Gas Report for “Any Current Month” under “Mont Belvieu Spot Gas Liquids Prices” using (i) the Non-TET prices for the propane, isobutane, normal
How do you read OPIS price?
Prices: To find a specific price, find where the supplier and the product intersect. Prices are in cents per gallon. You just need to move the decimal point two places to the left to get dollars per gallon.12 Sept 2017
What is rack price fuel?
The rack price is the price of gasoline or diesel, loaded onto a truck at the distribution terminal, ready for delivery to end users or retail stations.
What is a spot price for fuel?
What is a spot market? “Spot” purchases refer to fuel that physically changes hands at a refinery gate or other major pricing hub for delivery on a pipeline or via barge or cargo. Deals are always done in bulk, typically 5,000 barrels (210,000 gallons) to 50,000 barrels (2.1 million gallons).
What is downstream charge capacity?
the capability of downstream facilities to absorb the output of crude oil processing facilities of a given refinery.
Who controls the price of oil?
The price of oil is set in the global marketplace. Oil is traded globally and can move from one market to another easily by ship, pipeline, or barge. As a result, the supply/demand balance determines the price for crude oil around the world.
Who sets oil prices in the US?
The United States controlled oil prices for a majority of the previous century, only to cede it to the OPEC countries in the 1970s. Recent events, however, have helped to shift some of the pricing power back toward the U.S. and western oil companies, which led OPEC to form an alliance with Russia et al. to form OPEC+.
Who controls the price of gasoline?
U.S crude oil prices are determined by global fundamentals, including supply and demand, inventories, seasonality, financial market considerations and expectations. Federal, state, and local government taxes also contribute to the retail price of gasoline.