OPIS's trusted gasoline and diesel rack prices are available for more than 390 wholesale locations in both OPIS standard (one price per supplier per market) and detailed terminal (multiple prices per supplier per market) formats. Never before have fuel buyers and sellers had such complete price visibility.
The OPIS Rack Report includes an OPIS Spot Mean quote in over 225 cities for gasoline and distillate. This extra pricing data enlarges the view of the market and provides additional pricing options when buying and selling.
In addition, over 240 locations nationwide contain the OPIS Smart Rack which integrates wholesale gasoline prices with retail gasoline lows and averages by individual markets, and shows valuable profit margins. Use the OPIS Smart Rack to track retail prices, determine average margins for your competitors, benchmark retail and wholesale price averages and to determine the true cost of doing business anywhere.
The OPIS Rack Report also features the Spot Replacement Index (SRI) in over 215 cities. This innovative addition links local rack markets to bulk spot markets by capturing the "OPIS Spot Mean" daily by product. It then factors in the delivery costs (truck or pipeline tariffs, cost of money, terminal fees, product shrinkage, etc.) to get that spot product delivered to a particular rack.
OPIS has further enhanced the OPIS Rack Report by adding the actual posted prices for available biodiesel blends that are B20 or lower to our U.S. rack reports. For example, in Portland OR, you will see the addition of posted prices for B20, B10, B5, and B2, while in Chicago, you will see B20, B15, B11, B5 and B2.
OPIS is the industry benchmark for oil buyers and sellers who use rack prices to:
- Negotiate and benchmark fuel contracts
- Competitively shop and keep suppliers honest
- Measure company performance and evaluate competition
- Reconcile invoices and evaluate inventory
- Ensure the best price with a quick scan
- OPIS Standard Display (view sample here): Provides one price per product, per supplier in each market, even when suppliers post at multiple terminals. We select the primary terminal for each supplier, so the OPIS averages that are so critical for benchmarking and market analysis are not skewed.
- OPIS Terminal Display (view sample here): Shows product prices posted for every supplier at all terminals in a given location for total price transparency and includes the location and owner.
- OPIS Traditional Display: Shows 1 unleaded, 1 midgrade and 1 premium set of prices, averages and benchmarks. In markets with multiple octanes, prices may be averaged together.
- OPIS Octane Detail Display: Shows prices, averages and benchmarks for all unique octanes in a particular grade (unleaded, midgrade, premium). Available in both OPIS Standard Display and OPIS Terminal Display as of 8/1/14.
OPIS Popular Rack Benchmarks
OPIS "freezes" supplier prices and averages by rack at key time intervals throughout the day so buyers and sellers of fuel can index their purchases to an unbiased, third-party price frozen at a fixed point in time. The averages are stored in OPIS's TimeSeries database so customers can easily settle disputes any time by retroactively looking up the frozen averages. These averages are in gross and net formats and appear daily in the various OPIS email, FTP, and WebRack reports. The benchmarks include lows, highs and averages for all suppliers as well as branded and unbranded lows, highs and averages. Below are definitions of the three key OPIS rack benchmarks.
- OPIS Contract Average: A snapshot of the average of all supplier postings in each OPIS rack market at approximately 10:00 a.m. eastern time. The snapshot includes all price moves from 6:00 p.m. the prior day up until the price file is frozen at approximately 10:00 a.m. (Example: The January 8th Contract Average encompasses all price moves that were made at 6:00 p.m. January 7th up until approximately 10:00 a.m. January 8th.)
- OPIS Closing Average: A snapshot of the average of all supplier postings in each OPIS rack market by 5:59 p.m. eastern time. The snapshot includes all price moves from 6:00 p.m. the prior day until the price file is frozen by 5:59 p.m. (Example: The January 8th Closing Average encompasses all price moves that were made at 6:00 p.m. January 7th up until we freeze the prices no later than 5:59 p.m. on January 8th. It does not include any price moves made at or later than 6:00 p.m. on January 8th.)
- OPIS Calendar-Day Average: A snapshot of the average of all supplier postings in each OPIS rack market at 11:59 p.m. eastern time. The snapshot includes all price moves from 12:00 a.m. (midnight) until the file is frozen at 11:59 p.m. (Example: The January 8th Calendar-Day Average encompasses all price moves that were made at 12:00 a.m. on January 8th up through 11:59 p.m. on January 8th. Hence, it is an average of all prices on that calendar day.)
OPIS gasoline and diesel price discovery includes...
- OPIS Weekly Newsletter Prices: The OPIS prices which are posted in our weekly newsletter are also available by individual rack for delivery on Thursday evenings. This early delivery allows for a 4-day advance price from the published newsletter price.
- Out-of-Product Designations: Pricing specialists communicate with suppliers and/or customers to confirm out of product designations, where a product may not be available for more than 24 hours. Postings which meet this criteria will be designated "out-of-product" with an "o" next to the listing. Because of the particularly complicated nature of the oil distribution system, OPIS will only denote "out-of-product" where supply is out for at least 24 hours. Products tagged with an "o" will not be part of the OPIS lows, highs or averages, a policy OPIS has adopted for a long time to avoid potential skewing of benchmarked wholesale numbers.
- Intraday Price Moves: Due to increased market volatility, suppliers may sometimes change wholesale prices more than once a day. In these cases, OPIS offers a Intraday Price Move report which details intra-day moves not part of the usual 12:01 A.M., or 6:00 P.M. time frames for updates. In strictest compliance with anti-trust guidelines, OPIS only releases these prices after their specific effective time of change.
- Early Evening Updates: More and more suppliers have changed their effective time for price moves from midnight-to-midnight to 6pm-to-6pm for mostly unbranded product. OPIS tracks these prices to give you an early update on the direction of the marketplace.
"OPIS Racks and OPIS TimeSeries are trusted third-party sources that we use as a basis in our fuel supply contracts. The rack data gives us an unbiased benchmark for maintaining accuracy. The historical pricing information is invaluable in identifying prospective improvements in our buying decision, especially when entering new markets."
– Dick Mills, VP of Petroleum Supply & Distribution, Holiday Stationstores
"Using OPIS Racks as a benchmark gives our customers confidence that they are not being misled about base cost. It builds trust. Additionally, many public entities in our area base contracts on OPIS to justify price changes to their auditors."
– Eric Ellis, Owner, Ellis Oil Company
"OPIS Racks are critical to our fuel purchasing process. We use the OPIS data to review our agreements with our various suppliers. This allows us to quickly and efficiently reconcile our invoices."
– John Jepsen, Director of Energy Management, US. Foods
"Musket is a long-time user of OPIS Racks as it plays an important role in our day-to-day operations. The information is used to give Musket a bird's eye view of specific markets and to accurately price in a very competitive world. OPIS's commitment to sending timely and accurate data will help keep Musket competing in the future and beyond."
– Debbie Barnhill, Fuel Pricing Supervisor, Musket Corporation
"We rely on OPIS Rack data to provide an accurate history of prices which we use to evaluate current vs. historical basis levels as well as using this data to prepare studies to evaluate best purchasing methods or supply contracts at specific rack locations."
– Jim Burr, Vice President of Energy Products, FCStone, LLC
"We depend on OPIS Racks for an accurate price reflection to keep not only our margins at an exceptional level, but also to keep us competitive for our customers. Without this tool we would be reacting too slowly to the volatile conditions. During extreme market moves, OPIS has done an outstanding job of keeping track of vendor outages to help us eliminate inaccurate numbers when factoring prices."
– Luke Wiese, Fuel Pricing Manager, Nebraska Iowa Supply Company
"In today's volatile price environment, OPIS provides real-time information which is both meaningful and actionable for our day-to-day supply decisions. We rely on OPIS to provide accurate and timely indications from rack sellers in each one of our local markets."
– Brian Schaller, Senior Director, Petroleum Supply & Trading, Wawa, Inc.