Benchmark OPIS rack prices are used in wholesale transactions to give both parties an independent and unbiased price to reference. These posted prices are crucial to any wholesale rack deal with your suppliers to ensure fairness.
As a buyer of fuel, having access to rack prices allows you to negotiate your wholesale supply contracts more effectively for a better price deal, or shop around for a different supplier. As a seller of fuel, you have an accurate and fair price to reference when invoicing your customers. Rack reports are available for hundreds of U.S. rack locations.
Note: For the three benchmark delivery times, OPIS “freezes” supplier prices and averages by rack at key time intervals so buyers and sellers can index their purchases at a fixed point in time. Branded and unbranded lows, highs and averages for all suppliers are included.
Early Morning – File will be delivered shortly after 8:00 am eastern standard time.
Contract Average Benchmark: A snapshot of the average of all supplier postings in each 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.)
Closing Average Benchmark: A snapshot of the average of all supplier postings in each rack market by 4:59 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 4:59 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 4:59 p.m. on January 8th. It does not include any price moves made at or later than 5:00 p.m. on January 8th.)
Calendar-Day Average Benchmark: A snapshot of the average of all supplier postings in each 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.)
Newsletter Prices – File will be delivered once a week when OPIS freezes prices for the day, usually Thursday evenings. The prices will match the prices that appear in the following issue of the OPIS Newsletter. Keep in mind, if Thursday is a national holiday, the file will be sent on the preceding Wednesday.
Gross – Full wholesale posted rack price with no discounts reflected.
Net – Wholesale posted rack price with prompt payment discounts included. For instance, if a supplier’s discount terms are 1-10 (one percent discount for payment within 10 days) and the gross price is 91.00, the net price would be 90.09 (91.00 times .01 = a discount of .91. Original price of 91.00 less discount of .91 = Net price of 90.09).
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.
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.
Standard Display – 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.
Terminal Display – Shows product prices posted for every supplier at all terminals in a given location for total price transparency and includes the location and owner.
Control when, where and how often you get your gasoline, diesel and biodiesel rack prices with OPIS WebRacks, an easy-to-use online tool. Plus, stay ahead of intraday price swings.Learn More
Wholesale fuel buyers and sellers now have real-time price visibility accessible online. Get live wholesale rack prices for gasoline, diesel and biodiesel, plus instant price change notifications.Learn More
This daily report reveals the lowest price paid for wholesale gasoline, diesel and ethanol at the rack. It includes branded/unbranded transactions done at values below the OPIS Rack Low.Learn More