Question: How does the market determine a physical reference price for commodities? It relies on price reporting agencies, such as Argus and Platts It relies on

How does the market determine a physical reference price for commodities?
It relies on price reporting agencies, such as Argus and Platts
It relies on the amount of futures contracts speculators and hedgers purchase
It directly relies on the major oil companies, such as BP and Shell
It usds financial trades of futures contracts on the exchanges
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