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Sales Keyed to Keating
Texpar Energy Inc. v. Murphy Oil USA, Inc.
Citation:
45 F.3d 1111 (1995)Facts
On May 29, 1992, Texpar Energy contracted to purchase 15,000 tons of asphalt from Murphy Oil at an average price of $53 per ton. On the same day, Texpar contracted to sell the same quantity to Starry Construction Company at $56 per ton, anticipating a profit of $45,000. During early 1992, asphalt prices fluctuated wildly between $40 and $100 per ton due to volatile market forces affecting petroleum refining, government highway funding, and weather conditions. After Texpar took delivery of only 690 tons, Murphy stopped deliveries on June 5, 1992, when the market price had risen to $80 per ton, claiming its sales manager lacked authority to make the contract. Starry insisted on delivery at the original price, and eventually negotiated directly with Murphy for a price of $68.50 per ton. Texpar paid Starry approximately $191,000 to cover the difference between the original contract price and the new price.
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