What is the spot price of oil?

The oil spot price is the current market price for immediate delivery of a specific crude grade or refined product. In practice, 'immediate' means delivery within a few days to a few weeks — the shortest available delivery window in the physical market. The most widely quoted oil spot price is 'Dated Brent,' published daily by Platts/S&P Global, which represents North Sea crude cargoes loading in the near-term.

What is the difference between spot price and futures price?

The futures price is the price agreed today for delivery at a specific future date (e.g., next month, in three months). The spot price is for delivery now (or the nearest available delivery). In a contango market, futures prices are above the spot price, reflecting storage costs and expectations of future price rises. In backwardation, futures are below spot, indicating tight current supply.

Dated Brent is the spot price benchmark for North Sea light sweet crude, published by Platts (S&P Global Commodity Insights). It reflects the price of physical cargoes of BFOET blend (Brent, Forties, Oseberg, Ekofisk, Troll) loading within the next 10–25 days. Dated Brent is the reference price for approximately 65–70% of global crude trade and directly determines the input cost for refineries worldwide.

Does the spot price of oil directly affect petrol prices?

Yes, but with a lag of 2–6 weeks. Refiners buy crude oil at prices close to the current spot price, process it over 2–4 weeks, and sell the refined products (petrol, diesel) at prices that reflect both the crude cost and the refining margin (crack spread). The retail pump price then reflects this wholesale price plus distribution costs, taxes, and the retail margin.

Spot Price

The current market price for immediate delivery of oil or refined fuel — the most direct signal of where energy prices stand right now.

Definition

The spot price of oil is the price at which a physical barrel of crude oil (or a refined product such as petrol or diesel) can be bought or sold for immediate or near-immediate delivery. In energy markets, "immediate" typically means delivery within the next 2–21 days depending on the specific market and grade.

Unlike futures contracts, which commit both parties to a transaction at a specified future date, a spot transaction settles quickly — the oil changes hands promptly at the agreed price. Spot prices are determined in real time by the balance of physical supply and demand for a specific grade of crude at a specific delivery point.

Dated Brent: the global oil spot benchmark

The most important crude oil spot price is Dated Brent, published daily by Platts (S&P Global Commodity Insights). It represents the price of physical cargoes of BFOET crude (a blend of Brent, Forties, Oseberg, Ekofisk, and Troll North Sea streams) loading within the next 10–25 days. The "Dated" refers to the fact that these are cargoes with loading dates attached — physical barrels rather than financial instruments.

Dated Brent is used as the reference price for approximately 65–70% of global crude oil trade. Most crude oil supply contracts from the Middle East, West Africa, and the Caspian region are priced as "Dated Brent ± differential," where the differential accounts for quality differences (sulfur content, API gravity) and logistics.

Benchmark	Type	Where quoted	Represents
Dated Brent	Physical spot	Platts (S&P Global)	North Sea; 65–70% of global crude trade reference
WTI spot (Cushing)	Physical spot	US spot market; CME reference	US domestic crude at Cushing, Oklahoma
Dubai/Oman spot	Physical spot	DME (Dubai Mercantile Exchange)	Medium sour crude; Middle East to Asia pricing
ESPO blend	Physical spot	Asian market; Platts	Russian East Siberia Pacific Ocean crude to China/Japan

Spot price vs futures price

The spot price and the futures price for the same crude grade are related but distinct. The relationship between them reveals the market's structure:

Concept	Definition	Market signal
Contango	Futures price > spot price	Ample near-term supply; market willing to pay for storage and future delivery
Backwardation	Spot price > futures price	Tight current supply; premium for immediate barrels; storage being drawn down
Flat	Spot ≈ futures	Balanced market; little cost of carry or convenience yield difference

The convenience yield is the implied benefit of holding physical crude rather than a futures contract — the ability to use it immediately if supply disruption occurs. When convenience yield is high (physical supply is tight), backwardation is strong. When storage is cheap and supply is ample, contango prevails.

For a fuller explanation of futures contracts and how they interact with the spot market, see our glossary entry on futures contracts.

Refined product spot prices

Spot prices also exist for refined products — petrol (gasoline), diesel (gasoil), jet fuel, and fuel oil. These are priced at major trading hubs:

ARA (Amsterdam-Rotterdam-Antwerp): The primary European product hub; ARA cargoes set the spot price for European petrol, diesel, and jet fuel
US Gulf Coast (USGC): The benchmark for US product prices; feeds into NYMEX RBOB gasoline and ULSD futures
Singapore: The benchmark for Asian product prices, including the Singapore complex refining margin (a global indicator of refinery profitability)

The difference between the crude spot price and the refined product spot price is the crack spread — the refinery gross margin. A rising crack spread indicates tight refined product supply relative to crude, often driven by demand spikes or refinery outages.

From spot price to pump price

The spot price of crude oil feeds into the retail pump price through a chain that takes 2–6 weeks:

Refiner buys crude at or near spot price
Refinery processes crude over 2–4 weeks into petrol/diesel
Wholesale product is sold at a price reflecting crude cost + crack spread
Distributor adds transport and storage margin
Retailer adds excise duty (paid by distributor, included in wholesale price), retail margin, and VAT
Driver pays the pump price

For the full breakdown of how each component adds up, see our guide to what makes up the price at the pump. For why the lag exists and why prices rise faster than they fall, see the oil price to pump price transmission lag guide. For live pump prices by country, use the fuel price explorer.

Frequently asked questions

What is the spot price of oil? The oil spot price is the current market price for immediate or near-immediate delivery of a specific crude grade. The most widely quoted is Dated Brent, which represents physical North Sea crude cargoes loading within 10–25 days and is the reference price for approximately two-thirds of global crude trade.: The oil spot price is the current market price for immediate or near-immediate delivery of a specific crude grade. The most widely quoted is Dated Brent, which represents physical North Sea crude cargoes loading within 10–25 days and is the reference price for approximately two-thirds of global crude trade.
What is the difference between spot price and futures price? The futures price is agreed today for delivery at a specified future date; the spot price is for delivery now. In contango markets, futures are above spot (ample supply; storage cost priced in). In backwardation, futures are below spot (tight current supply; premium for immediate barrels).: The futures price is agreed today for delivery at a specified future date; the spot price is for delivery now. In contango markets, futures are above spot (ample supply; storage cost priced in). In backwardation, futures are below spot (tight current supply; premium for immediate barrels).
What is Dated Brent? Dated Brent is the spot price benchmark for North Sea light sweet crude, published daily by Platts (S&P Global). It represents physical BFOET cargoes loading within 10–25 days and is the reference for ~65–70% of global crude trade. Most supply contracts worldwide are priced as "Dated Brent ± differential.": Dated Brent is the spot price benchmark for North Sea light sweet crude, published daily by Platts (S&P Global). It represents physical BFOET cargoes loading within 10–25 days and is the reference for ~65–70% of global crude trade. Most supply contracts worldwide are priced as "Dated Brent ± differential."
Does the spot price of oil directly affect petrol prices? Yes, but with a 2–6 week lag. Refiners buy crude near the spot price, process it over 2–4 weeks, and sell refined products at prices reflecting crude cost plus the crack spread. The retail pump price then adds distribution costs, taxes, and the retail margin. High-tax markets see a smaller percentage swing for the same crude move.: Yes, but with a 2–6 week lag. Refiners buy crude near the spot price, process it over 2–4 weeks, and sell refined products at prices reflecting crude cost plus the crack spread. The retail pump price then adds distribution costs, taxes, and the retail margin. High-tax markets see a smaller percentage swing for the same crude move.