AeroWesty
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Joined: Sat Oct 30, 2004 7:37 am

Gasoline $100+/barrel On Spot Market

Fri Sep 02, 2005 3:16 pm

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.
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ILOVEA340
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RE: Gasoline $100+/barrel On Spot Market

Fri Sep 02, 2005 3:25 pm

Keep in mind that this is the spot market. Fuel for November is still hovering around the $70 mark.
 
AeroWesty
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Joined: Sat Oct 30, 2004 7:37 am

RE: Gasoline $100+/barrel On Spot Market

Fri Sep 02, 2005 3:32 pm

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.
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cfalk
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RE: Gasoline $100+/barrel On Spot Market

Fri Sep 02, 2005 4:01 pm

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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