High volume (25,000 to 300,000 bbl) contractual agreements between oil companies dictating delivery of petroleum products or crude oil in the near future for an established sales price. Since this market reacts quickly, and is an alternative to wholesale sales, it provides a good indication of the direction of wholesale price trends.
FREE WEEKLY NEWSLETTER
Learn more practical information like this in the OPIS Weekly Energy Update. It’s a FREE newsletter full of exclusive content, insight and education on the global energy market.