2) The Trade Volume Is Considerable. Similar to New York, oil trade negotiations take place in Singapore by oil trading companies operating their business there while the oil being traded may not be physically stocked in Singapore. The oil trade volume in Singapore is as considerable as those in major markets in other regions (i.e. Europe, America and the Middle East), which makes it difficult for either buyers or sellers to spiral the prices. As a result, Singapore spot prices will reflect petroleum product supply capability and demand in the region.