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January 25, 2012
OPIS Partners with PortStorage Group to Create World’s Largest Tank Storage Database
Gaithersburg, MD, Jan 25, 2012 -- Oil Price Information Service (OPIS), a leader in petroleum spot, wholesale and retail news and pricing data, is pleased to announce an agreement with PortStorage Group, an international provider of independent and commercial petroleum tank storage facility information, creating the world’s largest tank storage database.
PortStorage Group, through its on-line product, TankTerminals.com, delivers up-to-date international terminal information for those looking for storage and transhipment of crude, petroleum products, liquid chemicals, etc. and for those firms who service tank terminalling companies.
“Combining the OPIS/STALSBY North American bulk liquid terminal database with TankTerminals.com now offers a truly worldwide picture of the petroleum storage landscape – giving industry professionals access to approximately 3,500 terminals,” said OPIS President, Brian Crotty.
“Because the combined OPIS/STALSBY and PortStorage Group database is now made available at one single location, www.tankterminals.com and that the entire database is maintained on-line 24/7, this platform offers an easily accessible and constantly available reference guide for, amongst others, factual tank terminal information, an up-to-date news section, and a professional Knowledgebank,” said PortStorage Group Managing Director, Rob Luijendijk.
The fully searchable TankTerminals.com provides the name/location of the facility, contact details for key personnel, tank storage capacity, tank range, tank types, and the types of cargo that can be stored. Details for waterfront terminals are also included and can reveal whether a facility may handle other modes of transport such as barge, road, rail, and pipeline. Virtually any terminal listed in the database has been furnished with its geographical coordinates. With Google Maps integrated in this website, any of these terminals can actually be seen from an elevated position in a map and satellite view.
About PortStorage Group
PortStorage Group was established in 2008 as a 50/50 JV following the amalgamation of an TankTerminal.net and TankBank.info owned by Downstream, Netherlands and Tankbank, Singapore. The new database, which became the world’s foremost digital reference guide, was then launched under the trade-name TankTerminals.com. Downstream is a Dutch consultancy company providing M&A and Research & Business Development for the global tank storage industry. Tankbank International Pte Ltd is a Singapore-based service provider specialising in commercial assistance, conferences and networking for the energy sector.
October 31, 2011
Oil Express Welcomes Donna Harris as New Editor
Gaithersburg, MD, October 31, 2011 - Oil Price Information Service (OPIS), a global leader in petroleum products retail, rack and spot news and data, is pleased to announce the hiring of Donna Harris as the new Editor of Oil Express, OPIS’ premier news publication for gasoline and diesel wholesalers, marketers and c-store operators.
Ms. Harris brings to Oil Express a wealth of experience in the petroleum, convenience and automotive publishing fields, has won numerous investigative journalism awards, and previously employed her talents at Automotive News, Car Dealer Insider, the National Association of Convenience Stores (NACS), and U.S. Oil Week, which was later purchased by OPIS.
“It is my pleasure to be working with Donna Harris and I know she’ll energize Oil Express with fresh ideas and perspectives to continue and enhance its mission of providing petroleum and convenience retailers the news and knowledge they need to grow their businesses,” said Brian Crotty, President of OPIS.
“Oil Express subscribers will greatly benefit from the practical information and objective news coverage Ms. Harris will bring,” added Robert Gough, Publisher of Oil Express. “Donna will be a great addition to OPIS’ award-winning journalism team.”
As Editor of Oil Express, Ms. Harris will shepherd the efforts of a team of seven OPIS reporters and editors who will contribute weekly to the publication.
For more than 30 years, Oil Express has helped petroleum marketers increase profit margins, expand their businesses, explore new profit centers and avoid costly regulatory pitfalls. Oil Express is the country’s only independent petroleum marketing newsletter.
May 12, 2011
Shell Tops in Sales, Wawa Most Efficient & Chevron Flexes Its Pricing Power
Gaithersburg, MD, May 12, 2011 - Shell branded stations sold more gasoline than any other brand in the country in the first quarter of 2011 despite seeing a 1% drop in its market share from the first quarter of 2010. According to data just released by OPIS, Shell’s market share was 15.35%. Its efficiency rating (market share/outlet share) saw a year-on-year decline from 1.21 to 1.18. The efficiency rating is an indication of per-store throughput with a higher number indicating higher per-store volumes.
BP was next with a market share of 7.95%, but BP still hasn’t recovered all the volume it lost following the Gulf Coast oil spill. Market share was down 2.7% from the first quarter of last year, while its prices were up compared to its direct competition. In the first quarter of 2010, the average BP station priced its pump 1.26 cts/gal above its competitors, while this year it priced 1.38 cts/gal higher.
Chevron’s market share fell 7.4% from the first quarter of last year to 7.36%. The majority of the market share declines were a result of Chevron getting out of some Southeastern markets. Efficiency ratings were up slightly, jumping 2 points to 1.27. When it comes to pricing power, Chevron is king. In the first quarter 2011, the average Chevron station priced its pumps nearly 4 cts/gal above its competitors compared against a premium of 2.99 in the first three months of 2010.
Of the top 10 brands with the highest market share, only Valero and Sunoco saw year-on-year increases with gains of 3.6% and 2.2%, respectively. Out of all the brands nationally that had a market share greater than .25%, Get Go saw the largest increase, with its market share improving by a whopping 38% compared to first quarter 2010. Loves, Tesoro, Maverik, Royal Farms, LukOil, Gulf and Turkey Hill all had gains over 15%.
In terms of efficiency, an indicator of higher per-store volumes, Wawa was tops with a score of 5.75. Wawa was able to capture huge station volumes despite being less aggressive on the street, pricing its pumps 2.8 cts/gal under its competition in the first three months of the year compared with a discount of 3.71 cts/gal for the same period in 2010.
QuikTrip followed with an efficiency score of 4.59 followed by Sheetz, which scored 4.39 and Get Go, which came in at 3.96.
Regional First Quarter Results
New England - Mobil had the largest market share with 23.2% of the volume, a drop of 3.3% from first quarter 2010. Mobil’s efficiency score was 1.49, the second best of the top 10 leading sellers in the region. Hess, which had an efficiency rating of 1.67, was number one. In that same group of ten, 7-Eleven was the most aggressive brand, with an average price differential of 3.10 cts/gal under its competitors.
Mid Atlantic - Sunoco had the greatest market share with 12.34% of all the volume sold. Exxon, which was the leader in first quarter 2010, saw its market share drop over 5%, knocking the brand to the number two spot. Wawa jumped into the number three spot, pushing Shell down to fourth. Four brands in the region had efficiency ratings over 3.0, including Wawa, Get Go, Sheetz and QuickCheck.
Southeast - Shell was the leader with a share of 19.3% followed by BP, Chevron, Exxon and Citgo. QuikTrip had the highest Efficiency score with a rating of 6.4. Sheetz, which had the highest score in first quarter 2010, was second.
Great Lakes - Speedway led this region with a market share of 21.4%. Sheetz had the highest efficiency rating, while Thornton’s was the most aggressive on price, with an average daily discounted street price of 2.78 cts/gal compared with its direct competitors.
Midwest - Phillips 66 led the pack, selling 10.8% of the volume despite seeing a year-on-year drop of 5%, the largest in the region of the top ten brands. Cenex, on the other hand, saw the largest increase with its share growing over 10% from first quarter 2010. QuikTrip had the greatest efficiency score, followed by Pilot, Loves, Motomart, Kwik Trip, Kum&Go and Holiday.
Southwest - Shell’s market share dropped by 2.3% from the first quarter of last year, but with 20.3% of the volume sold, it was the leader of the Southwest. Valero was second, followed by Exxon, Chevron and Quik Trip. Murphy USA, with an average price differential of 4 cts/gal under its competitors, was the most aggressive chain of all players whose market share was greater than 2%.
Rockies - Conoco’s market share of 18.9% was the best, even though it was down 2% from the first quarter in 2010. Loaf & Jug saw the largest year-on-year increase of all brands whose share was greater than 2% - its market share jumped by 23.2% to 4.6%. Valero earned the top efficiency score of top ten sellers, edging out Maverik with scores of 1.55 and 1.53, respectively.
West Coast - The West Coast was dominated by Chevron, which saw a market share of 31.8%. Chevron’s share dropped by a slight .5% from the prior year, but its efficiency score increased from 1.55 to 1.62. Shell was second, followed by 76, Mobil and Valero.
OPIS first quarter Market Share reports are now available for over 250 brands. You can get data for the overall country or each region or get more granular and see results by state, metropolitan area or even county. Each report shows market share, outlet share efficiency scores and average price differentials with comparisons to year-ago quarter. No other source lets you see market share at such a micro level and shows volume percentages from actual purchases. To order your report today, click here.
*Volumes based on sales from fleet cards. Volumes are available for nearly all brands with the exception of Arco, Costco, Sam’s Club, BJ’s, Racetrac and a handful of other smaller chains OPIS Market Share data is used by many of the top executives in the industry to spot trends and keep up on which brands are moving the most product.
May 10, 2011
OPIS Launches 'Clean' Jet Fuel and Carbon Assessments, Simplifies Emissions Compliance for Airlines and Fuel Suppliers
Gaithersburg, MD, May 10, 2011 - Carbon and jet fuel prices consolidated into one daily assessment is the essence of a pricing service being launched by Oil Price Information Service at an aviation industry conference in Singapore this week.
OPIS is unique in providing a price mechanism for new ETS-ready supply contracts, such as World Fuels Services’ Carbon Neutral Jet Fuel.
From January 1, 2012, airlines must submit multiple emissions allowances, or related certificates, to national authorities for every tonne of jet fuel burned. Some airlines have hired staff to actively trade allowances, but many are seeking to comply with the new emissions system without raising their fixed costs.
“For airlines who don’t want to actively trade carbon emissions, a clean price is perfect,” said the Environment and CSR Manager of a major Northern European airline.
The Clean Jet Assessment is included in the OPIS Europe Jet Fuel & Gasoil Report and provides the first integrated pricing mechanism for the new supply contracts. Try the OPIS Europe Jet Fuel & Gasoil Report free for 5-days.
As well as clean jet prices in Rotterdam and Northwest Europe, OPIS is providing daily Emissions Allowance price levels, and forward market projections for jet fuel with carbon included at the end of the year, and
in 2012.
OPIS President, Brian Crotty says “Although it may feel like the deadlines for submitting allowances are far off, fuel managers need to think ahead, and this gives them a basis for planning and purchasing as the 2012 buying season gets into gear this Spring.”
OPIS’s Tim Lloyd Wright is in Singapore for the launch at the International Air Transport Association Fuel Forum: “The response has been very good so far,” he said. “The aviation manager of Europe’s largest refiner just called me to say how useful he though the assessment was – this is a really big deal for the whole industry.”
A free white paper regarding this topic can be found on http://cleanjet.opisnet.com/
February 13, 2011
OPIS Terminates Agreement to Sell to Platts
Gaithersburg, MD, February 13, 2011 – UCG, a privately owned business-to-business information company, today announced it has terminated an agreement to sell its wholly-owned subsidiary, Oil Price Information Service, LLC (OPIS), to Platts, a division of The McGraw-Hill Companies, Inc. OPIS is a leading provider of news, pricing and software for buyers and sellers of petroleum products. On December 8, 2010, UCG announced its agreement to sell OPIS to Platts.
“Since the initial announcement, our customers have informed us of their opposition to this combination,” said Brian Crotty, CEO of OPIS. “In light of the concerns expressed by our customers, we have notified Platts that we are exercising our right to terminate the acquisition agreement,” Crotty said.
“We look forward to continuing to provide our customers with timely pricing data, comprehensive industry news, respected methodologies, and world-class customer service, as we have for over 30 years,” Crotty added.
January 31, 2011
OPIS Launches Historical Retail Fuel Price Web Query Tool
Gaithersburg, MD, January 31, 2011 – Oil Price Information Service (OPIS) announces the launch of its newest web-based query tool for retail fuel prices - The OPIS Retail DataHouse.
OPIS houses the world’s largest database of retail gasoline and diesel prices and margins. This tool allows users to pull data as far back as January 2007 for up to 120,000 unique stations that represent 290+ brands in over 38,000 different geographic regions in the U.S. Users can roll up station data to view prices and margins in nearly every zip code, town, county, state, metropolitan area, and even on a national level.
Retail fuel prices are compared against OPIS’ proprietary rack prices enabling this state-of-the-art database to display estimated profit margin data at gas stations across the U.S.
This self-serve, web-based tool provides on-demand availability. Users can run queries any time of day and get results which can be downloaded in an .xls or .csv format. “This is a game changer! The ease of use, quickness of results and unmatched flexibility makes research a snap,” said Fred Rozell, Director, Retail Pricing for OPIS. He added, “I can’t imagine any retailer not using such a powerful tool especially when spending millions on acquiring new properties.”
The OPIS Retail DataHouse can be accessed through a one-year subscription or on a per query basis.
To begin using this new retail tool, please call an OPIS customer service representative at 1-888-301-2645.
December 8, 2010
Platts Agrees to Acquire Oil Price Information Service (OPIS)
Platts, a leading global provider of energy and metals information and a division of The McGraw-Hill Companies, Inc. (NYSE: MHP), today announced an agreement to acquire Oil Price Information Service, LLC, (OPIS) from United Communications Group ("UCG"), a privately held business information provider.
OPIS, which is headquartered in Gaithersburg, Maryland, is a leading provider of news and price information to the wholesale and retail petroleum markets in North America. The purchase price was not disclosed. The acquisition is expected to be completed in the first half of 2011, subject to regulatory approval.
"OPIS is a great complement to Platts. It supports our growth strategy by expanding our presence in North America and extending our price reporting into the wholesale and retail petroleum markets," said Larry Neal, president of Platts. "The combination of Platts and OPIS data will bring greater transparency to the markets by giving customers greater insight into the petroleum supply chain - from crude trading to retail sales."
Neal added that Platts expects to maintain OPIS' products and services. "We intend to build on OPIS' respected position in the market, its track record in product development, talented staff and committed customer base to enhance the value of its offerings and serve a larger audience."
OPIS CEO Brian Crotty said, "We are delighted to join forces with a firm that is so well-respected within the energy industry. With the credibility and resources of Platts and McGraw-Hill behind us, we will be able to expand our product and service offerings to customers and develop new ways to serve the energy information markets."
Founded in 1977, OPIS provides posted prices for more than 400 wholesale terminals and retail fuel prices for over 120,000 gas stations. In addition to serving the rack and retail markets, it produces 4,000 price assessments for seven U.S. spot markets. Its broad customer base includes refiners, traders, brokers, large end-users, suppliers, wholesalers, fleets and consumers. The company maintains a database of more than five billion historical spot, rack and retail prices and delivers the majority of its news and pricing information to customers electronically.
September 11, 2009
CME Group Announces the Launch of New Petroleum Products and Natural Gas Liquids Futures Contracts
CHICAGO – CME Group Inc., the world’s largest and most diverse derivatives marketplace, today announced the launch of trading and clearing services for eight new petroleum products and nine natural gas liquids futures contracts. Trading will be available on the New York trading floor and clearing services will be available through CME ClearPort, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. Trading and clearing are scheduled to begin on September 20 for trade date September 21. These contracts will be listed by and subject to the rules and regulations of NYMEX.
The swap futures contracts and commodity codes will be:
- Gulf Coast gasoline (OPIS) (4E)
- Gulf Coast gasoline (OPIS) vs. RBOB gasoline spread (4F)
- Gulf Coast jet (OPIS) (R9)
- Gulf Coast jet (OPIS) vs. heating oil spread (W7)
- Gulf Coast ULSD (OPIS) (5P)
- Gulf Coast ULSD (OPIS) vs. heating oil spread (5Q)
- Gulf Coast heating oil (OPIS) (7O)
- Gulf Coast heating oil (OPIS) vs. heating oil spread (7W)
- Mont Belvieu natural gasoline five decimals (OPIS) (7Q)
- Mont Belvieu iso-butane five decimals (OPIS) (8I)
- Conway propane five decimals (OPIS) (8K)
- Conway natural gasoline (OPIS) (8L)
- Conway normal butane (OPIS) (8M)
- Mont Belvieu LDH propane (OPIS) BALMO (8O)
- Mont Belvieu natural gasoline (OPIS) BALMO (R0)
- Mont Belvieu ethane (OPIS) BALMO (8C)
- Mont Belvieu normal butane (OPIS) BALMO (8J)
Expanding our suite of NGL and petroleum products based on OPIS pricing will provide additional hedging opportunities for this marketplace.
The first listed month will be the October 2009 contract. The BALMO contracts will be listed for one month and the following month for 10 business days prior to the start of the contract month. All other contracts will be listed for 36 consecutive months.
For more information please visit www.cmegroup.com/clearport.
June 18, 2009
OPIS Teams with GlobalView to Deliver OPIS Spot Ticker Data to MarketView Customers
CHICAGO, IL and GAITHERSBURG, MD – GlobalView, a leading provider of energy data management solutions, announced along with Oil Price Information Service (OPIS), that it will be the first data provider to deliver OPIS Spot Ticker data through its award-winning MarketView™ solution.
MarketView is a fully customizable, web-based solution that provides a variety of ways to monitor and analyze real-time energy market data and historical prices as well as news and proprietary data. GlobalView’s customers can now apply MarketView’s advanced charting capabilities, moving average studies, and other powerful tools to analyze OPIS Spot Ticker Cash Price and Basis Differential data which updates in real-time throughout the day. In addition, MarketView provides an archive of OPIS fixed page deal logs that currently holds more than three months of data and will continue to grow.
The OPIS Spot Ticker allows you to assess the value of all grades of gasoline, diesel and jet fuel in real-time as they trade, in addition to mid-day ethanol spot prices. This data can be combined with the numerous other data sets within MarketView including real-time updates from NYMEX/CME Globex, ICE and CBOT, making it a valuable tool for marketers, buyers, traders and brokers.
GlobalView continues to work closely with OPIS to help its clients stay ahead of their competitors in today’s volatile U.S. gasoline and distillate markets. In addition to OPIS Spot Ticker, GlobalView has recently added the monthly OPIS Swaps Settlement Report Data to its comprehensive data management solution.
OPIS is the world's most comprehensive source for petroleum pricing and news information and has offices in Wall, NJ; Gaithersburg, MD; St. Paul, MN; Sweden and Singapore. Every day, OPIS publishes spot prices for all refined products, more than 30,000 wholesale gasoline and diesel prices and more than 110,000 retail fuel prices. With a staff of over 25 IT professionals, OPIS is a leader in creating useful applications for businesses and consumers to manage their fuel costs. Visit www.opisnet.com for more information.
GlobalView is a leading provider of innovative energy data management solutions that deliver real-time, deep historical and customer-proprietary data. GlobalView’s award-winning MarketView solution allows users to access a comprehensive collection of global energy and commodity market data, including futures, energy exchanges, and broker data. GlobalView understands that energy firms depend on reliable and timely energy information to make critical decisions. From front to back office, GlobalView’s data management solutions are designed to meet all of a firm’s needs for a completely integrated energy market analysis system. With offices in Chicago, Houston, New York, London and Singapore, GlobalView provides prompt and comprehensive support to customers around the world. For additional information on MarketView and other GlobalView solutions, please visit www.gvsi.com.
April 6, 2009
NACS and OPIS Announce Petroleum Data and Information Partnership
ALEXANDRIA, VA and GAITHERSBURG, MD — NACS and the Oil Price Information Service (OPIS) have announced a partnership agreement in which OPIS will provide access and usage of its renowned motor fuels data as well as content and speakers at three of NACS’ largest events.
Under terms of the initial three-year agreement, OPIS will develop a fuels-related workshop track at the annual NACS Show and a general session presentation at the NACS State of the Industry Summit, as well as content support for the technology-focused NACStech. The agreement also provides NACS with exclusive rights to republish information and analysis from the OPIS Retail Year in Review & Profit Outlook in the annual NACS State of the Industry Report and to incorporate OPIS’ weekly and monthly Retail Fuel Watch data in other NACS media.
“The data and information partnership makes perfect sense for our organizations and for our industry,” said NACS President and CEO Hank Armour. “NACS is the industry’s leading advocate on motor fuels policy and represents 80 percent of the country’s retail fuel sales. OPIS delivers unmatched retail and wholesale petroleum data and analytics. This agreement formalizes our existing relationships and solidifies our role in delivering world-class events and analysis of the half-trillion dollar retail petroleum industry.”
“We are excited to work with NACS in bringing quality fuels content to the convenience and petroleum retailing industry,” said OPIS President Brian Crotty. “OPIS is proud to partner with NACS, a clear leader in providing convenience and petroleum retailers with vital market intelligence and education.”
Founded in 1961 as the National Association of Convenience Stores, NACS is the international association for convenience and petroleum retailing, representing more than 2,200 retail and 1,800 supplier member companies. The U.S. convenience store industry, with approximately 145,000 stores across the country, posted $577 billion in total sales in 2007, with $408 billion in motor fuels sales.
Oil Price Information Service (OPIS) is the world’s most comprehensive source for petroleum pricing and news information with offices in the U.S., Europe and Singapore. OPIS is the most widely accepted U.S. fuel price benchmark for supply contracts and competitive positioning. OPIS thoroughly covers pricing, analysis and news for 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. Visit www.opisnet.com or call (888) 301-2645 for more information.
August 27, 2008
OPIS Launches "iGasUp" 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 iGasUp 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 iGasUp 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 iGasUp will be a popular download on the App Store, Rozell said. Go here for details on the new iGasUp application.
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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