|Automotive gas oil
||American Petroleum Institute
||An arbitrary scale expressing the gravity or density of
Products devised jointly by the American Petroleum Institute and
National Bureau of Standards. The measuring scale is calibrated
in terms of degrees API. Oil with the least specific gravity has
the highest API gravity. The formular for determining API
gravity is :
API gravity=(141.5/specific gravity at 60 degree F)-131.5
||Lowest selling price at that moment
||Aviation Turbine kerosene
||Vessel carrying oil usually on rivers- containing between
8,000 to 50,000 bbl/d or weighing 1,000 to 10,000mt. In the US,
barges can be up to 100,000bbl/d and some are even a bit larger.
||A volume unit of crude oil and petroleum products. 1 barrel
equals 42 US gallon, 35 imperial gallons or 159 liters.
||Highest buying price at that moment.
|BILL OF LADING
||Documentation legally demonstrating a cargo has been loaded.
The bill of lading is signed by the Captain of the Ship and the
||A component combined with other materials to produce a
finished, refined product.
||Benchmark crude of the oil world. It is the most commonly
traded North Sea crude oil. Brent has an API of about 37.5. The
blend is technically a mix of crude from the Shell UK-operated
Brent field and the BP-operated Ninian field.
||Cost and Freight. A pricing basis in which the
buyer pays the cost of the Cargo and the Freight cost.
||The change in contract price from yesterday's "SETTLE"(closing
Cost, Insurance and Freight charges for shipping products.
||CIF prices include these charges.
||Consolidated tab view of WTI, Heat, and UNL.
||Brent cargoes are known as dated Brent cargoes once they
specific set of loading dates, usually at a point two weeks from
Before this point, Brent cargoes are typically traded
generically as so-called 15-day Brent. The dated Brent market,
which Plattss assesses on a 7-15 day forward basis (7-17 days on
a Friday), generates prices which have become a key benchmark
for contract pricing of crude oil worldwide.
||The detention or delay of a vessel in loading or unloading
beyond the time agreed upon. Demurrage charges are usually
incurred for any delay.
||Dual purpose kerosene
||Fluid Catalytic Cracker or Cat Unit
|FREE ON BOARD (FOB)
||FOB prices exclude all insurance and Freight charges. Most
oil is sold either FOB (effectively priced at the loading port)
or CIF(effectively priced at the delivery port).
||An intermediate distillate product used for diesel fuel,
heating fuel and sometimes as feedstock.
|HEAVY CRUDE OIL
||Has an API gravity of less than 28 degrees. The lower the
API gravity, the heavier the oil.
||House Hold Kerosene
||Highest price at which a deal has been done in current
||High pour fuel oil
||High Sulfur Fuel Oil
||International Petroleum Exchange
||One thousand metric tons
|LANDED COST (OF OIL)
||The cost of oil off-loaded at a port. Similar to CIF, but
would also include any duties fees or taxes.
||Last traded price of the contract.
||Tankers and barges loading petroleum at a terminal or
|LIGHT CRUDE OIL
||Has API gravity higher than 33 degrees. The higher the API
gravity, the lighter the crude oil.
|LIGHT PRODUCTS, LIGHT ENDS
||The group of petroleum products with lower boiling
temperatures including gasoline and distillate fuels.
||A Liter is 1,000th of a cubic metre. There are 3.78541
liters in a gallon. Conversion to barrels: 1000 liters =
||Lowest price at which a deal has been done in current
||Low pour fuel oil
||Low Sulfur Fuel Oil
||A standard measurement: averages 7.33 barrels of crude oil.
||Abbreviation of Motor Gasoline.
||Motor Octane Number
||Straight-run gasoline fractions. Used as a feedstock for
reforming and as a petrochemical feedstock.
||Notice of Readiness.
||Nigerian Port Authority
||North West Europe
||New York Mercantile Exchange
||Oil Marketing Company.
||Open Market Price
||The Organisation of the Petroleum Exporting Countries. Group
of crude-producing countries which has used its collective
weight of production since OPEC was founded in 1960 in an
attempt to influence oil prices.
Current membership (May 2000): 11 countries- Algeria, Indonesia,
Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi-Arabia, United
Arab Emirate, Venezuela. Ecuador resigned from OPEC in 1992,
Gabon in 1995.
Founder members were Saudi-Arabia, Iran, Iraq, Kuwait and
||Total number of open contracts in the exchange
||Chemical derived from petroleum, feedstocks for the
Manufacture of plastics and synthetic rubber. Petrochemicals
include Benzene, Toluene, Xylene, Styrene and Methanol.
||Premium Motor Spirit.
||Valuable mineralisation not sampled enough to estimate
accurately its tonnage and grade, or even verify its existence.
Also called inferred reserves. In oil, possible reserves are an
estimate of reserves from an undrilled site or one that has not
been seismically tested.
||A statement of the price requested by a seller of crude oil
The "List price".
||Valuable mineralisation not sampled enough to estimate
accurately its tonnage and grade. Also called indicated
||Reserves that have been sampled extensively, for example, in
mining by closely spaced diamond drill holes or by underground
working giving an accurate picture of size and quality of
reserves. Also called Measured reserves. In oil, proven reserves
are an estimate based on seismic and other exploratory data,
linked to an assessment of economic and operating viability.
||A Nigerian crude oil, with an API of about 35.9.
||The price of petroleum products at a refinery loading rack.
Rack-pricing is effectively cash and carry at the rack.
||In oil and gas, the portion of a field's total estimate
reserves that can actually be recovered from the field using
currently available technology.
Recoverable reserve estimates are dependent on factors such as
reservoir pressure and the density of strata.
||Regular gasoline. Usually contains lead.
||Regular unleaded gasoline.
||The calculated quantity of hydrocarbons or minerals which
can be extracted profitably from a deposit, classified according
to the level of confidence that can be placed in the data.
||Regular Sulfur Fuel Oil.
||Closing price of the contract from previous trading session
||A price established at the close of a trading day used to
calculate the settlement of futures contract.
||Definition which describe the degree of given crude's sulfur
Sour crude are high in sulfur. Sweet crude are low in sulfur.
||Sour gas is natural gas which contains lethal hydrogen
sulfide and must be purified before being injected into the
pipeline. Sweet gas is gas found in its natural state which does
not need to be purified to remove sulfur bearing compounds.
||A market where goods are traded for immediate delivery.
||Strategic Petroleum Reserve in US.
||The differential between last price of the current month and
the following month.
||Buying one instrument/commodity and selling another, with a
profiting from the charge in the gap between the two markets.
||The price at which an option holder has the right to buy or
sell an underlying commodity /derivative.
||Ship to Ship charges
||The volume of gas flowing through a pipeline, or processed
||The standard Plattss abbreviation is mt. A tonne or metric
ton, sometimes tautologically referred to as a metric tonne, is
defined as the weight of one cubic meter of water. Rough -and -
ready barred-tonne, conversion factor is 7.33 barrels of crude
to one tonne, but obviously depends on the specific gravity of
||"The trend is your friend". A trend at its most basic
consists of a situation in which prices move more in one
direction than another. Many technical measures attempt to
discern when a price is moving in a trend, punctuated by minor
corrections, and when it is simply trendless.
||Lines drawn on a price chart linking subsequent lows in
downstream and subsequent highs in an uptrend.
||A refinery or petrochemical is said to be in "turn around"
when it is taken out of service of maintenance. Usually planned.
||A price pattern characterised by subsequent rising highs and
||US Atlantic coast.
||US West Coast
||Vacuum gasoline, also known as cat feed. Feedstock for fluid
catalytic cracker used to make gasoline No.2 oil and other by
||Traded contract volume of the current trading session.
||The degree to which a particular price has fluctuated in the
||A value attributed to an underlying futures
contract which determines the premium that is set by the
grantor. Includes an element of historical volatility, and the
volatility which the grantor of an option believes will still be
seen in that futures contract.
||West Texas Intermediate Crude oil (Traded at Cushing,
||West Texas Sour.