OIL PRICES SAID NOW BASED ON FUTURES PRICE
Energy futures now set the
standard for oil pricing, said Arnold Safer, president of The
Energy Futures Group Inc, a consulting firm.
     "Petroleum futures trading at the New York Mercantile
Exchange literally set spot market prices in the U.S.," he
said, adding that some oil products sellers now offer contracts
based on a daily average of NYMEX prices.
     He also said that petroleum futures are a major market for
oil companies as well as for commodity traders. His remarks
were made at the National Petroleum Refiners Association.
 Reuter
