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dickdann
Coal
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Joined: Mar 20, 2007
Posts: 3
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 Posted: Thu Apr 03, 2008 4:40 am Post subject: Light Sweet Crude Index - not in USD ??? |
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| Whats up with the light sweet crude index you display on the site, it used to be in USD now I'm not sure what it is? Can someone explain to me what index this is? |
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thylacine
Heavy Crude
Joined: Jan 19, 2006
Posts: 108
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| Posted: Thu Apr 03, 2008 7:28 am Post subject: Re: Light Sweet Crude Index - not in USD ??? |
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Yes, I've had the same thought and wondered if it was oil priced in some obscure foreign currency - millions of Zimbabwe dollars for instance. After a bit of searching I think I've come up with an answer. First I found this site: TOCOM
| Quote: | Final settlement price of Middle East Crude Oil for March 2008 contract is 61,780 yen.
On the last trading day, trading for March contract is only settled by offsetting current positions by resale or repurchase based on this final settlement price.
Please also note that on the last trading day, only market orders are accepted.
The final settlement price is calculated as follows.
Original Data
1. Monthly average of Dubai and Oman Crude Oil: 97.307 ($/bbl)
2. Monthly average currency exchange rate: 100.95 (JPY/$)
Calculating Formula
(Monthly Average of Dubai + Monthly Average of Oman) /2 * (Monthly Average Exchange Rate / 0.1590 )
= 97.307 * 100.95 / 0.1590
= 61,780
Resulting figure is rounded to the tens place.
Final Settlement Price: 61,780 yen
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which is all well and good, but what's the 0.159 factor? This one I think is explained at: compton
i.e. that it's the factor to get from barrels to cubic metres. So in short, it's the price of oil per cubic metre in Japanese Yen! Well handy! Or maybe just another sign that the days of the petrodollar are slipping away?
Check the oil price on Bloomberg.com |
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peasea
Tar Sands
Joined: Jul 26, 2007
Posts: 48
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| Posted: Thu Apr 03, 2008 8:26 am Post subject: Re: Light Sweet Crude Index - not in USD ??? |
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| dickdann wrote: | | Whats up with the light sweet crude index you display on the site, it used to be in USD now I'm not sure what it is? Can someone explain to me what index this is? |
no sorry can't explain it , would have said Italian lire but they use euros now
perhaps a mod can get the thing back to dollars ( or euros or pounds or gold oz .......... you get the picture  ) |
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dsula
Heavy Crude
Joined: Jun 13, 2007
Posts: 118
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| Posted: Thu Apr 03, 2008 12:08 pm Post subject: Re: Light Sweet Crude Index - not in USD ??? |
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| while we're at it. Would be nice if one could click on the graph and get it open in another browser window, with option to select the time scale.... |
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Schadenfreude
Intermediate Crude
Joined: Jan 16, 2008
Posts: 607
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dickdann
Coal
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Joined: Mar 20, 2007
Posts: 3
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| Posted: Fri Apr 04, 2008 7:49 pm Post subject: Re: Light Sweet Crude Index - not in USD ??? |
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thanks Schadenfreude will bookmark that.
Coming from a former colony I think I'm pretty versatile I can handle my height in feet or meters, distance in kms or miles, weight in kgs, stone or pounds, even temperature in C or F.
but my brain just can't get around oil per m^3 in JPY. |
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Tyler_JC
Moderator
Joined: Sep 25, 2004
Posts: 4426
Location: Boston, MA
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| Posted: Fri Apr 04, 2008 8:05 pm Post subject: Re: Light Sweet Crude Index - not in USD ??? |
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| dickdann wrote: | thanks Schadenfreude will bookmark that.
Coming from a former colony I think I'm pretty versatile I can handle my height in feet or meters, distance in kms or miles, weight in kgs, stone or pounds, even temperature in C or F.
but my brain just can't get around oil per m^3 in JPY. |
I had a similar thought.
I thought it might be the price of oil per metric ton in Mexican Pesos.
I have no idea where this chart came from, I don't like it, and I have no power to change it. 
_________________
"www.peakoil.com is the Myspace of the Apocalypse." |
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