Where is the barrel of oil at when they put a price on?

Price is usually determined at the point of custody transfer. That point will depend on the contract between buyer and seller. Buyer will try to get the point of transfer closest to the point of use (refinery) and seller will try to get it closest to the point of production (well head). This will relieve loss responsibilities for the party that wins out on the point of transfer issue.Where is the barrel of oil at when they put a price on?
the ';local'; gas stations don't care, when they hear the price has gone up they jack up their price...ever notice that all the stations usually jack up the price on the same day? yet the gas was bought last week sometime and put in their tanks under ground...so much for the watchdogs.Where is the barrel of oil at when they put a price on?
after it is shipped, it is off loaded from ships and placed in barrels (55 gal.) to verify shipped amounts before it goes elsewhere. @ the docks,
It is a unit of measure.
Crude (and gasoline) is priced on the new york mercantile exchange in an ';open outcall'; auction system. You can follow intra-day price fluctuations at quote.com or futuresource.com The effect of the auction is to smooth sharp price fluctuations by temporarily providing counterparties to the major market participants: crude sellers and refineries (buyers).





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i think it is in the country that they sell it too