August 27, 2008
OPIS Launches "iGas" iPhone App to Help Consumers Shop for Fuel
Oil Price Information Service (OPIS), the nation’s leading supplier of retail gasoline and diesel fuel pricing information, has launched an innovative new service on the iPhone that will help millions of users shop for the cheapest fuel.
“The iPhone changes the game for consumers when shopping for the best prices on goods and services. The immediacy of being able to use the iPhone to perform targeted internet queries anywhere allows people to optimize their purchasing dollar,” said Michael Sinsky, CIO, OPIS.
Users needing to fill-up simply touch the iGas icon on their iPhone and the phone’s GPS system locates their position and returns the 10 cheapest fueling stations in the area. The actual prices are displayed in low-to-high order, along with the brand and address.
“This is a perfect marriage between data and technology that will allow consumers to gain more control over their fueling costs,” said Fred Rozell, Director of Retail Pricing for OPIS.
If a customer is planning on filling-up in another location, they have the option of entering in a zip code and the phone will return the 10 cheapest fueling stations in that particular area.
Customers have the option to pre-select their fuel search criteria: Regular Unleaded Gasoline, Premium Unleaded
or Diesel.
OPIS is updating the iGas application to allow users to map to the station of their choice. The update will be released within the next 10 days, Rozell says.
With fueling costs at historically high levels, it is expected that iGas will be a popular download on the App Store, Rozell said.
August 5, 2008
OPIS Introduces New Calendar-Day Rack Average
OPIS has just introduced a new rack benchmark pricing average that enables fuel buyers and sellers to capture in a single number a complete snapshot of the entire day's rack price changes - 12:00 a.m. (midnight) - 11:59 p.m.
Called the "OPIS Calendar-Day Average" the new pricing data point provides a comprehensive pricing summary of same-day rack price averages for the nearly 400 wholesale cities where gasoline and diesel fuel prices are reported by OPIS.
The OPIS Calendar-Day Average made its debut August 1, 2008.
The critical point that OPIS makes in unveiling the new price is that it includes price changes made after 6:00 p.m., which helps customers more efficiently balance the cost of their product with sales prices quoted for new or existing downstream business.
The new Calendar-Day Average benchmark is in addition to the already existing OPIS Contract Average and the OPIS Closing Average, key pricing snapshots that many OPIS customers already use as market standards for buying and selling fuel.
Market volatility continues to reshape the way wholesale business is being transacted and the manner in which product is being priced. The new OPIS Calendar-Day Average meets the critical need of customers who want to be able to capture 6:00 p.m. prices in the same day, and not have to wait until the contract average of the next day to price out product.
"This new data set was requested by our customers in response to increase wholesale price volatility," said OPIS President Brian Crotty. "We are delighted to be able to provide this information for their benefit."
In a letter to customers announcing the introduction of the new Calendar-Day Average, OPIS pointed out that the new price will be easily integrated into existing customer pricing formats. Customers will have the option of receiving the new average. They may elect to change or customize their current rack pricing file to accommodate the latest OPIS benchmark number.
OPIS customers wishing to receive this new benchmark should simply contact their customer service representatives to discuss the new average and how they would like to receive it, the OPIS announcement said.
June 10, 2008
Hertz to Launch Refueling Program Using OPIS Data
Hertz will soon launch a Refueling Program it says will remove the "hassle factor" associated with car rentals while assuring average or lower pump prices for customers.
The car rental giant will make two new refueling options that will incorporate OPIS fuel prices available as of July 1.
Under the Fuel & Service Charge (FSC) option, customers won't have to refuel before returning a car. Hertz will refuel the vehicle at a per-gallon cost based upon OPIS fuel prices, plus a one-time refueling fee of $6.99.
Under a separate Fuel Purchase Option (FPO), the customer agrees to purchase a tank of gas at the outset of the rental at a cost based on OPIS pricing minus a discount of about $0.15 per gallon. Customers who prefer to refuel the vehicle on their own can still do so.
The FSC and FPO rates are based on geographical OPIS-related averages in the area where the car is returned, and will be adjusted weekly by Hertz management to reflect local pricing. Customers who choose one of the two options won't pay more than local refueling rates, Hertz says.
"Research indicates that rental car clients want a speedier, more efficient return process that eliminates time-consuming and costly refueling procedures," said Mark P. Frissora, Hertz's chief executive officer.
The program will apply at all corporate and participating licensee airport and off-airport locations in the U.S., Canada, Puerto Rico and St. Thomas.
Hertz is the world's largest general use car rental brand, operating about 8,100 locations in 147 countries worldwide.
Febuary 5, 2007
Mapquest Offers New Gas Search Website and Cell Phone Service
Motorists using MapQuest to reach their destinations can now also check the price of gasoline or diesel along their route under a new service the internet giant unveiled last week.
The new MapQuest site uses Oil Price Information Services' (OPIS) database of more than 100,000 retail fuel prices to allow customers to enter their zip code and view a map showing the locations of nearby gasoline stations. Search results can be organized by price, gasoline or diesel grade, brand, distance from location and includes listings for alternative fuels. This spring, MapQuest will allow customers to access this data via cell phones, providing directions to stations while motorists are en route.
MapQuest joins AAA, Microsoft (MSN autos) and a host of other web and GPS navigation companies like Garmin to use OPIS retail gasoline and diesel prices to establish services allowing motorists to better shop for fuel.
"We are excited that MapQuest has recognized the quality of our station list and prices in selecting us to offer this useful service to consumers," said Fred Rozell, Director of Retail Pricing for OPIS. "The use of our retail prices in consumer applications only further benefits our petroleum marketing customers as their stations and prices are viewed by more consumers, adding to their volumes," he added, noting that more and more marketers and C-store chains are entering their retail prices directly into the OPIS database each day.
Addition of five new cleared propane, ethane and butane products broadens market coverage and matches underlying industry standard practices.
September 20, 2007
ChemConnect Announces New Risk Management Opportunities for NGL Industry in Cooperation
HOUSTON, Sept. 20 /PRNewswire/ -- ChemConnect Inc., the leading electronic exchange for trading midstream energy, feedstocks, chemicals and related products, announced today that it will list five new NGL products and new locations for financially cleared trading on the ChemConnect over-the-counter (OTC) platform. These new propane and ethane contracts will be cleared through the company's partnership with The Clearing Corporation. Additionally, in cooperation with Oil Price Information Service (OPIS), ChemConnect will be offering its customers the ability to execute cleared OPIS swaps.
Effective immediately, ChemConnect will offer the following new financially cleared OTC contracts: * Mt. Belvieu Propane SWAP -- OPIS Settlement Index * Mt. Belvieu Ethane SWAP -- OPIS Settlement Index * Conway Propane Forward * Conway Propane SWAP -- ChemConnect Settlement Index * Conway Propane SWAP -- OPIS Settlement Index
"With new cleared products and new locations in the Midwestern United States, we're expanding beyond our current Gulf Coast slate of NGL products," said ChemConnect Vice President of Commodity Trading, Eric Paulsen. "Through our joint effort with The Clearing Corporation, we are providing the market with a risk management tool that closely matches actual underlying contract exposure to broadly recognized and utilized OPIS price references, while helping companies to mitigate and optimize their credit risk."
"The ChemConnect Exchange is globally known as the execution platform for the NGL market," said Diane Miller, OPIS Executive Editor. "The NGL industry will certainly benefit from this capability to better manage risk using the industry standard benchmarks published by OPIS and clearing services available through the unique relationship between ChemConnect and The Clearing Corporation."
ChemConnect and The Clearing Corporation continue to actively pursue the development of a broader range of financially cleared OTC products to meet the unique risk management and investment needs of a wider array of companies interested in the energy and chemical markets.
"The Clearing Corporation is pleased to support ChemConnect as they launch these new contracts. Their broader product offering emphasizes the growing interest in various OTC market segments where participants can achieve optimal risk mitigation," said Rich Jaycobs CEO of The Clearing Corporation.
For more information about these and other financially cleared trading opportunities, visit http://www.chemconnect.com
About ChemConnect:
ChemConnect is a leader in helping customers optimize their purchasing and sales processes for midstream energy, chemicals, plastics and related products through a unique combination of an active liquidity pool, seamless transaction execution, market information and industry expertise. Additional information about ChemConnect can be found at http://www.chemconnect.com
About Oil Price Information System:
Oil Price Information Service (OPIS) is one of the most widely accepted fuel price benchmarks for supply contracts and competitive positioning. It's used as a benchmark price by the world to buy and sell U.S. gasoline, diesel, ethanol, biodiesel, LP-gas, jet fuel, crude, propane, feedstocks, resid, and kerosene. Through its subsidiary, Axxis Software, it also provides leading-edge software solutions for petroleum marketers looking to automate price collection, data storage and repricing of dealer and commercial accounts.
About The Clearing Corporation:
The Clearing Corporation is a stockholder-owned, Delaware corporation now in its 81st year of business. The Clearing Corporation serves numerous clients in a variety of markets and is the only active independent derivatives clearinghouse in the world. Additional information on The Clearing Corporation is available at http://www.clearingcorp.com.
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