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Gasoline $100+/barrel On Spot Market  
User currently offlineAeroWesty From United States of America, joined Oct 2004, 20751 posts, RR: 62
Posted (9 years 2 months 1 day 21 hours ago) and read 1109 times:

As US oil companies bought up 20 shiploads of European petrol yesterday, the wholesale price of petrol on the Rotterdam spot market soared to a record of $855 a tonne (more than $100 a barrel), up more than 20% in two days and something experts said would feed through to the forecourt within days.

http://www.guardian.co.uk/oil/story/0,11319,1561313,00.html

I knew it was going to happen sooner or later, but I didn't expect it this soon.


International Homo of Mystery
3 replies: All unread, jump to last
 
User currently offlineILOVEA340 From United States of America, joined Oct 1999, 2100 posts, RR: 4
Reply 1, posted (9 years 2 months 1 day 21 hours ago) and read 1100 times:

Keep in mind that this is the spot market. Fuel for November is still hovering around the $70 mark.

User currently offlineAeroWesty From United States of America, joined Oct 2004, 20751 posts, RR: 62
Reply 2, posted (9 years 2 months 1 day 21 hours ago) and read 1097 times:

Quoting ILOVEA340 (Reply 1):
Keep in mind that this is the spot market.

Yes, that's why I entitled the thread that way. And it's for refined gasoline/petrol, not crude oil.

What one pays at the pump is also a "spot price" (though not always "the" spot price, however), and the U.S. has 20 shiploads of very expensive gasoline heading across the Atlantic right now.



International Homo of Mystery
User currently offlineCfalk From , joined Dec 1969, posts, RR:
Reply 3, posted (9 years 2 months 1 day 20 hours ago) and read 1087 times:

That's for processed gasoline. Gasoline usually costs about $0.60 more per gallon, and there are 55 gallons in a barrel, which equals an extra $33. With oil at around $70 per barrel, gasoline will of course be over $100.

Charles


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