No Hot Air: "Can gas evolve into a globalised, fungible energy commodity the way oil is? The world oil market is based on a network of local markets, where arbitrage provides the principles and governs the market. Despite numerous local markets each with a variety of blends, the key oil marker is the BFOE, Brent,Forties, Oseberg, Ekofisk Crude. WTI,Dubai, Singapore and all the others seek direction from BFOE. The markets are liquid enough to operate efficiently. Price discovery is open, immediate and efficient."
Tuesday, June 1, 2010
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