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OPIS “freezes” supplier prices and averages by rack at key time intervals throughout the day so buyers and sellers of fuel can index their purchases to an unbiased, third-party price frozen at a fixed point in time. The averages are stored in OPIS’ TimeSeries database so customers can easily settle disputes any time by retroactively looking up the frozen averages. These averages are in gross and net formats and appear daily in the various OPIS e-mail, fax and web rack reports. The benchmarks include lows, highs and averages for all suppliers as well as branded and unbranded lows, highs and averages. Below are definitions of the three key OPIS rack benchmarks.
A snapshot of the average of all supplier postings in each OPIS 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 Jan. 3 Contract Average encompasses all price moves that were made at 6:00 p.m. Jan. 2 up until 10:00 a.m. Jan. 3.)
A snapshot of the average of all supplier postings in each OPIS rack market at 5:59 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 5:59 p.m. (Example: The Jan. 3 Closing Average encompasses all price moves that were made at 6:00 p.m. Jan. 2 up until we freeze the prices no later than 5:59 p.m. on Jan. 3. It does not include any price moves made at or later than 6:00 p.m. on Jan. 3.)
A snapshot of the average of all supplier postings in each OPIS rack market at 11:59 p.m. eastern time. The snapshot includes all price moves from 12:00 midnight until the file is frozen at 11:59 p.m. (Example: The Jan. 3 Calendar-Day Average encompasses all price moves that were made at 12:00 a.m. (midnight) on Jan. 3 up through 11:59 p.m. on Jan. 3. Hence, it is an average of all prices on that calendar day.)
View a list of the rack cities OPIS covers
View a sample of the OPIS Rack Report.
You can gain instant access to OPIS gasoline and diesel rack prices when and where you need them with OPIS WebRacks. Get details here.
For more information on OPIS SRI Methodology click here.
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