Even though the prices of energy "futures" influence the physical markets, prices are negotiated outside the infamous and chaotic trade floors of the exchanges. Buyers and Sellers, looking at their supply and demand situations, make pricing decisions daily and actually buy and sell the physical commodities. The results of these trades are reported in industry publications and become market indicators for the physical "cash" market.
While watching the Mini-Lecture, keep in mind the following key points and questions:
The lecture slides can be found in the Modules under Lesson 5: Energy Commodity Logistics - Crude Oil.