| Key Terms |
Definition |
| Brent |
A blended crude stream produced in the North Sea region which serves as a reference or
"marker" for pricing a number of other crude streams.
|
| Conventional Gasoline |
Finished motor gasoline not included in the oxygenated or reformulated gasoline categories.
Excludes reformulated gasoline blendstock for oxygenate blending (RBOB)
as well as other blendstock.
|
| Conway |
The location specified in either spot or futures contracts for delivery of propane in
Conway, Kansas.
|
| Crude Oil |
A mixture of hydrocarbons that exists in liquid phase in natural underground
reservoirs and remains liquid at atmospheric pressure after passing through
surface separating facilities. Depending upon the characteristics of the crude
stream, it may also include:
Small amounts of hydrocarbons that exist in gaseous phase in natural
underground reservoirs but are liquid at atmospheric pressure after being
recovered from oil well (casinghead) gas in lease separators and are subsequently
commingled with the crude stream without being separately measured. Lease
condensate recovered as a liquid from natural gas wells in lease or field
separation facilities and later mixed into the crude stream is also included;
Small amounts of nonhydrocarbons produced with the oil, such as sulfur and
various metals;
Drip gases, and liquid hydrocarbons produced from tar sands, oil sands,
gilsonite, and oil shale.
Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce
a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels;
lubricants; asphalt; ethane, propane, and butane; and many other products used for their
energy or chemical content.
|
| Gasoil |
European designation for No. 2 fuel oil and No. 2 diesel fuel.
|
| Kerosene-Type Jet Fuel |
A kerosene-based product having a maximum distillation temperature of 400 degrees Fahrenheit
at the 10-percent recovery point and a final maximum boiling point of 572 degrees Fahrenheit
and meeting ASTM Specification D 1655 and Military Specifications MIL-T-5624P and MIL-T-83133D
(Grades JP-5 and JP-8). It is used for commercial and military turbojet and turboprop aircraft engines.
|
| Los Angeles |
The location specified in either spot or futures contracts for delivery of a product in
any port city in southern California.
|
| Mont Belvieu |
The location specified in either spot or futures contracts for delivery of propane in
Mont Belvieu, Texas.
|
| New York Harbor |
The location specified in either spot or futures contracts for delivery of a product
in New York Harbor.
|
| No. 2 Diesel Fuel |
A gasoil type distillate for use in high speed diesel engines generally operated under uniform
speed and load conditions, with distillation temperatures between 540-640 degrees Fahrenheit
at the 90-percent recovery point; and the kinematic viscosities between 1.9-4.1 centistokes
at 100 degrees Fahrenheit as defined in ASTM specification D975-93. Includes Type R-R diesel
fuel used for railroad locomotive engines, and Type T-T for diesel-engine trucks.
For pricing data, Low Sulfur or On-Highway Diesel Fuel is
No. 2 diesel fuel which has a sulfur level less than or equal to 0.05 percent by weight.
High Sulfur refers to No. 2 distillate (dither diesel or fuel oil) which
has a sulfur level greater than 0.05 percent by weight.
|
| No. 2 Heating Oil |
A distillate fuel oil for use in atomizing type burners for domestic heating or for use
medium capacity commercial-industrial burner units, with distillation temperatures between
540-640 degrees Fahrenheit at the 90-percent recovery point; and the kinematic viscosities
between 1.9-3.4 centistokes at 100 degrees Fahrenheit as defined in ASTM Specification D396-92.
|
| Oxygenates |
Substances which, when added to gasoline, increase the amount of oxygen in that gasoline blend.
Ethanol, Methyl Tertiary Butyl Ether (MTBE), Ethyl Tertiary Butyl Ether (ETBE), and methanol
are common oxygenates.
|
| Propane (C3H8) |
A normally gaseous straight-chain hydrocarbon. It is a colorless paraffinic gas that boils at a
temperature of -43.67 degrees Fahrenheit. It is extracted from natural gas or refinery gas streams.
It includes all products designated in ASTM Specification D1835 and Gas Processors Association
Specifications for commercial propane and HD-05 propane. For price data, it does not include
the propane portion of any natural gas liquids (NGL) mixes; i.e., butane-propane and ethane-propane
mix.
|
| RBOB |
"Reformulated Gasoline Blendstock for Oxygenate Blending" is a motor gasoline blending
component which, when blended with a specified type and percentage of oxygenate, meets the
definition of reformulated gasoline.
|
| Reformulated Gasoline |
Finished motor gasoline formulated for use in motor vehicles, the composition and properties of
which meet the requirements of the reformulated gasoline regulations promulgated by the U.S.
Environmental Protection Agency under Section 211(k) of the Clean Air Act.
Note: This category includes oxygenated fuels program reformulated gasoline (OPRG)
but excludes reformulated gasoline blendstock for oxygenate blending (RBOB).
|
| Regular Gasoline |
Gasoline having an antiknock index (average of the research octane rating and the motor octane
number) greater than or equal to 85 and less than 88. Note: Octane requirements may vary by altitude.
|
| Residual Fuel Oil |
A general classification for the heavier oils, known as No. 5 and No. 6 fuel oils, that remain
after the distillate fuel oils and lighter hydrocarbons are distilled away in refinery operations.
It conforms to ASTM Specifications D396 and D975 and Federal Specification VV-F-815C.
No. 5, a residual fuel oil of medium viscosity, is also known as Navy Special and is defined in
Military Specification MIL-F-859E, including Amendment 2 (NATO Symbol F-770). It is used in
steam-powered vessels in government service and inshore powerplants. No. 6 fuel oil includes
Bunker C fuel oil and is used for the production of electric power, space heating, vessel
bunkering, and various industrial purposes.
|
| Rotterdam |
The location specified in either spot or futures contracts for delivery of a product
in any port city along the refining centers of Amsterdam-Rotterdam-Antwerp.
|
| Singapore |
The location specified in either spot or futures contracts for delivery of a product
in Singapore.
|
| Spot Price |
The price for a one-time open market transaction for immediate delivery of a specific
quantity of product at a specific location where the commodity is purchased "on the spot"
at current market rates.
|
| U.S. Gulf Coast |
The location specified in either spot or futures contracts for delivery of a product
in any port city along the coastline of Texas and Louisiana.
|
| West Texas Intermediate (WTI - Cushing) |
A crude stream produced in Texas and southern Oklahoma which serves as a reference or "marker"
for pricing a number of other crude streams and which is traded in the domestic spot market
at Cushing, Oklahoma.
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