[USMA:36601] Re: Kiloliters

[Martin Vlietstra]

 Oil is traded in wholesale quantities on various exchanges around the world including the International Commodities Exchange (formerly Internaional Petroileum Exchange) in London, the Tokyo Commodity Exchange and various others.  The exchange itself decides what quantities should be used for trading, the size of each lot and the currency used.  In most cases the price of crude oil is a "futures" price - in other words the price that will be paid when the oil is landed at a specific point at some time in the future - usually a matter of weeks or months away.   London trades oil in dollars and barrels, but Tokyo trades in Yens and kilolitres.   One of the newest exchanges is the Dubai Gold and Commodities Exchange who currently only provide trading facilities for gold and silver, though they plan to include other commodities in the near future.  It is interesting to note that gold is traded on that exchange in lots of one kilogramme (not troy ounces).     All of the exchanges noted above are electronic exchanges - my work brings me into contact with them. ----- Original Message ----- From: Phil Chernack To: U.S. Metric Association Sent: Monday, April 17, 2006 9:40 PM Subject: [USMA:36577] Kiloliters I came across the following article on oil prices and saw the term kiloliter for the first time.  Is this very common outside the U.S.?   “Oil for September delivery rose 1 percent Monday to €49.32 a kiloliter, or $66.29 a barrel. “   “The October gasoline contract climbed 2.1 percent to ¥67,960 a kiloliter, or $2.17 a gallon, after reaching an intraday record of ¥68,160 earlier Monday.”   http://www.iht.com/articles/2006/04/17/business/OILWRAP.php   It makes a lot sense to use in this context.  I realize that many will make the argument for the cubic meter but I feel that when discussing containerized quantities, liters make more sense.  I can visualize a liter easier (and more to the point, relate to direct personal experience) than I can a cubic meter.    Phil