What is a spot market?
“Spot” purchases refer to fuel that physically changes hands at a refinery gate or other major pricing hub for delivery on a pipeline or via barge or cargo. Deals are always done in bulk, typically 5,000 barrels (210,000 gallons) to 50,000 barrels (2.1 million gallons).
The spot market is a critical link in the price influence chain because it sets the basis for cost-plus formula deals between suppliers and end users. It also forms the rationale for wholesale fuel price moves every day at 6pm at wholesale racks across the U.S. – which then impacts price increases or decreases at the retail pump.
OPIS covers the refined spot market the same way you do business – all day long.
OPIS provides pricing for spot refined products, renewable fuels, LPG and refinery feedstocks. Since 1981, our methodology has been based on the direct input of the community we serve.
Our cues come from the industry – not the other way around. Instead of assigning a “window” in which to do deals, OPIS tracks the market’s full-day activity. Confirmed deals or informed assessments make up our spot report ranges. Analysis provides all sides of the market’s story, to put the prices into context. That’s why the oil market chose us as its benchmark for:
We make our all-day transparency 100% visible, with live price updates and confirmed trades in real-time on the OPIS Spot Ticker.
All of our data feeds are customizable – so you only pay for the information you need. Plus, select your delivery and timing method from real-time mobile apps to web-based tools to daily email services.