| AG |
Arabian
Gulf |
| AGO |
Atmospheric
gasoil |
| ALG |
Algerian |
| Alkylate |
A
gasoline blending component composed of isobutane and
propylene or butylene. |
| Aniline
point |
Reports
the aromatics content of a mixture. |
| ANS |
Alaska
North Slope |
| API |
American
Petroleum Institute |
| API
gravity |
An
arbitrary scale expressing the gravity or density of
liquid petroleum products devised jointly by the
American Petroleum Institute and the 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 formula for
determining API Gravity is as follows:
Degrees
API Gravity= (141.5/Specific Gravity at 60 Deg. F) –
131.5
|
| ARA |
Amsterdam
- Rotterdam - Antwerp |
| Aromatics |
Group
of petrochemicals characterized by a ring structure,
they are produced in refinery reformers and
petrochemical plants.
The
most commonly traded are benzene, toluene and xylenes.
They are used for chemical production or as
high-octane components for gasoline blending.
|
| ASPH |
Asphaltene |
| Asphalt |
- A
mixture of bitumen and mineral aggregate as
prepared for the construction of roads or in other
paving uses.
- in
the US it refers to the product that is known as
bitumen in the rest of the world.
|
| ATL |
Atlantic |
| AUD |
Australian
dollar |
| Avails |
Availabilities |
| Avgas |
High
octane aviation gasoline used in piston type aircraft
engines. |
| Backwardation |
Market
situation where prices are highest in the nearest date
periods and are lower in forward delivery dates. |
| Barge |
A
vessel carrying oil usually on rivers - containing
between 8,000 to 50,000 bbl or weighing 1,000 to
10,000mt. In the US, barges can be up to 100,000 bbl,
and some are even a bit larger. |
| Barrel |
A
volumetric unit of measure for crude oil and petroleum
products. 1 barrel equals 42 US gallons, 35 imperial
gallons or 159 liters. |
| Bill
of Lading |
Documentation
associated with a specific cargo of oil and is signed
by the captain of the ship and the contract supplier. |
| Blendstock |
A
component combined with other materials to produce a
finished refined product. |
| BS&W |
Bottom
sediment and water, usually expressed as a percentage
by weight. |
| BTU |
British
Thermal Unit |
| BTX |
Benzene,
toluene and xylene. |
| BTX
extraction |
The
process for removing benzene, toluene and xylene from
reformate or pyrolysis asoline. |
| Bunker
C |
A
residual fuel used as ship's fuel, usually has a high
sulfur content and high viscosity. |
| Catfeed |
Feedstock
to a catalytic cracker, usually vacuum gasoil. |
| Cat
gasoline |
(cat
naphtha) A gasoline blending component made in a cat
cracker. |
| CD |
Canadian
dollar |
| Cetane |
A
paraffinic hydrocarbon used hydrocarbon used as an
additive in diesel fuel. |
| Cetane
Number |
Number
equal to the percentage by volume of cetane added to
basic diesel fuel to achieve specific ignition
performance characteristics. |
| C+F |
Cost
and Freight |
| CFD |
Contract
For Differences. A type of crude oil swap. |
| CFPP |
Cold
filter plugging point |
| CIF |
Cost,
insurance and freight charges for shipping products.
CIF prices include these charges. |
| Cloud
Point |
The
temperature at which a fuel, when cooled, begins to
congeal and take on a cloudy appearance due to bonding
of paraffins. |
| CNR |
Charterer
not revealed |
| COA |
Contract
of affreightment between ship owner and charterer. |
| Contango |
Market
situation where prices are progressively higher for
forward delivery dates than for nearer delivery dates. |
| Cracked |
Molecules
broken by certain refining processes...the opposite of
straight-run. |
| Cracked
fuel |
Residue
remaining after a straight run fuel has been processed
by enhanced refining methods such as catalytic
cracking. |
| Credit |
Terms
of payment, i.e. 5, 10 days. |
| CST |
Centistokes
- A way of measuring viscosity similar to seconds. |
| CT |
Cent |
| CTS |
Cents |
| CUM |
Cubic
meters |
| Demurrage |
The
detention of a vessel in loading or unloading beyond
the time agreed upon. Demurrage charges are usually
incurred for any delay. |
| DERD |
Directorate
of Engine Research and Development. It is a UK
Ministry of Defense jet fuel specification. |
| Diesel
Index |
A
measure of the ignition quality of a diesel fuel
calculated from a formula involving the gravity of the
fuel and its aniline point. |
| Diff |
Differential,
usually between two prices. |
| DM |
Deutschemark |
| Dtd |
Dated |
| Eff |
Effective. |
| E-4 |
C.I.S.
high sulfur straight-run feedstock. Formerly called
F-10. |
| EFP |
Exchange
of futures for physicals. |
| FCCU |
Fluid
catalytic cracking unit. |
| Feedstock |
Material
used in a processing plant. |
| FCC |
First
class charterer |
| FCC |
Fluid
catalytic cracker or cat unit. |
| FFR |
French
franc |
| Flash
Point |
The
lowest temperature under very specific conditions at
which a combustible liquid will give off sufficient
vapor to form a flammable mixture with air in a
standardized vessel. Assesses the volatility of the
product. |
| FOB |
Free
on board. fob prices exclude all, insurance and
freight charge |
| FOD |
Fuel
Oil Domestique |
| FOR |
Free
on rail |
| FORTIES |
The
first substantial oil field in the British sector of
the North Sea. |
| FOT |
Free
on truck |
| FR |
France |
| FR.
ATL. |
French
Atlantic |
| GAL |
gallon |
| Gasoil |
An
intermediate distillate product used for diesel fuel,
heating fuel and sometimes as feedstock. Term is often
used interchangeably with No. 2 heating oil. |
| GBP |
Pound
sterling |
| CARIBS |
Caribbean |
| G/L |
Grams
per liter |
| GOM
or G.M. |
Gasoil
Moteur -- French gasoil spec. |
| Group
3 |
Formerly
three railroad companies in Tulsa, Oklahoma. Group 3
now refers to the pipeline price of petroleum
commodities from Tulsa to Minnesota. |
| Group
120 |
South
Texas reporting group. In December 1982, this group
stopped reporting and was replaced the following year
by Group 140. |
| Group
140 |
Conway,
Kansas group of propane producers, replaced Group 120
in January 1983. |
| HDA |
Hydrodealkylation,
a process used for making benzene from toluene. |
| Heavy
crude oil |
Has
API gravity lower than 28 degrees. The lower the API
gravity, the heavier the oil. |
| HKD |
Hong
Kong dollar |
| HLS |
Heavy
Louisiana Sweet |
| HO |
Heating
oil |
| H/P |
High
pour |
| HS |
High
sulfur |
| HSFO |
High
sulfur fuel oil |
| IOC |
Indian
Oil Corp. |
| IPE |
International
Petroleum Exchange |
| Isomerate |
A
gasoline blendstock made in an isomerization unit |
| ITT |
In-tank
transfer |
| Kero |
Kerosene |
| KT |
one
thousand metric tons. |
| L.A. |
Los
Angeles |
| 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. |
| Lifting |
Tankers
and barges loading petroleum at a terminal or transfer
point. |
| Light
crude oil |
Has
an 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 gasolines and distillate fuels. |
| LLS |
Light
Louisiana Sweet |
| LNG |
Liquefied
natural gas |
| L/P |
Low
pour |
| LPG |
Liquefied
petroleum gases such as propane and butane produced at
refineries or natural gas processing plants, including
plants that fractionate raw natural gas plant liquids. |
| LS |
Low
sulfur |
| LSFO |
Low
sulfur fuel oil |
| LSWR |
Low
sulfur waxy residual fuel oil |
| LVN |
Light
virgin naphtha |
| Med |
Mediterranean |
| Metric
Ton |
A
standard measurement: averages 7.33 barrels of crude
oil. |
| Midgrade
unleaded |
Unleaded
gasoline with a 89 R+M/2 octane rating. |
| MOGAS |
Abbreviation
for motor gasoline |
| MON |
Motor
Octane Number |
| MT |
Metric
ton |
| MTBE |
Methyl
tertiary butyl ether -- an octane booster and
oxygenate used for gasoline blending. |
| MTH |
Month |
| MYR |
Malaysian
ringgit |
| Naphtha |
Straight-run
gasoline fractions. Used as a feedstock for reforming
and as a petrochemical feedstock. |
| N+A |
Naphthenes
and aromatics |
| N/A |
Not
applicable |
| Naphthenic |
A
high naphthenes content |
| Naphthenic
naphtha |
Usually
favored as reformer feedstock. |
| NGL |
Natural
gas liquids. Includes ethane, propane, butane and
condensate. |
| NOR |
Notice
of readiness |
| NPH |
Naphtha |
| NWE |
Northwest
Europe |
| NYMEX |
New
York Mercantile Exchange |
| Octane
number |
A
measure of the detonation quality of gasoline. The
higher the octane number, the higher the resistance to
engine knock. |
| Olefins |
A
group of petrochemicals characterized by their
straight or branched structure. Includes ethylene, the
largest volume petrochemical, and propylene and
butadiene. |
| Out-turn |
Quantity
of oil unloaded from vessel at discharge point. |
| Oxygenate |
Oxygen-containing
blend stocks favored for their octane and their clean
burning quality. Includes MTBE and ethanol. |
| PADD |
Petroleum
Allocation for Defense District. A group of five
geographic areas in the US used in reference to
petroleum distribution. |
| Paraffinic |
A
high paraffins content |
| Paraffinic
naphtha |
Usually
favored quality of naphtha for ethylene plant
feedstock. |
| P/C |
Part-cargo |
| PCT |
Percent |
| Petrochemicals |
Chemicals
derived from petroleum; feedstocks for the manufacture
of plastics and synthetic rubber. Petrochemicals
include benzene, toluene, xylene, styrene, and
methanol. |
| PG |
Persian
Gulf (Same as Arab Gulf--AG) |
| Polymers |
Made
from monomers. The most common include widely traded
plastics like polyethylene, polypropylene and
polystyrene. |
| PONA |
Paraffins,
olefins, naphthenes and aromatics content. |
| Posted
Price |
A
statement of the price requested by a seller of crude
oil or products. The "list price." |
| Pour
Point |
Lowest
temperature which oil will readily flow without
disturbance when chilled. |
| PPM |
Parts
per million |
| PPT |
Prompt |
| Prem |
Premium |
| Pygas |
Pyrolysis
gasoline. A naphtha-range product with a high
aromatics content used either for gasoline blending or
as a feedstock for a BTX extraction unit. Pygas is
produced in an ethylene plant that processes butane,
naphtha or gasoil. |
| Rack
Pricing |
Selling
to petroleum jobbers or other resellers FOB at the
refinery, with the customer picking up transportation
charges. The price of petroleum products at the
refinery loading rack; cash and carry at the
refinery's loading dock. |
| Reformate |
A
high-aromatics, high-octane product made in a reformer
and used to blend motor gasoline or aviation gasoline. |
| Reg |
Regular
gasoline. Usually contains lead. |
| Reg
Unl |
Regular
unleaded gasoline. |
| Resids |
Residual
fuel oils |
| R+M/2 |
Research
Octane Number plus Motor Octane Number divided by 2. A
gasoline octane designation commonly used in the US |
| RNR |
Rate
not revealed |
| RON |
Research
octane number |
| RSFO |
Regular
sulfur fuel oil |
| RVP |
Reid
vapor pressure, a measure of a gasoline's volatility. |
| SFR |
Swiss
Franc |
| SG |
Specific
gravity |
| SGD |
Singapore
dollar |
| Simex |
Singapore
Monetary Exchange |
| Sour/Sweet
Crude |
Definitions
which describes the degree of a given crude's sulfur
content. Sour refers to high sulfur and sweet to
low-sulfur. |
| SPR |
Strategic
Petroleum Reserve in the US |
| Steam
cracker |
(Ethylene
plant) A petrochemical plant that produces olefins,
particularly ethylene, and, in some cases, aromatics. |
| Straight-Run |
Material
which has come straight from an atmospheric
distillation unit and has not been cracked or
reformed, and which is usually used as a feedstock or
as a utility fuel. |
| TC |
Time
charter |
| UKC |
UK
Continent |
| ULCC |
Ultra
large crude carrier; has capacity for 320,000 to
600,000 dwt. |
| UNL |
Unleaded. |
| USAC |
US
Atlantic Coast |
| USD |
US
dollar |
| USG |
United
States Gulf |
| USWC |
US
West Coast |
| Vanadium |
Metal
present in certain types of fuel |
| VGO |
Vacuum
gasoil, also known as cat feed. Feedstock for fluid
catalytic cracker used to make gasoline, No.2 oil and
other byproducts. |
| VIS
or VISC |
Viscosity.
A measure of a liquid's resistance to flow. Several
viscosity scales are used depending on the type of oil
being measured. |
| VLCC |
Very
large crude carrier; has capacity for 200,000 to
320,000 dwt. |
| WTI |
West
Texas Intermediate. The WTI spot price of crude is
reported from Cushing, Oklahoma. |
| WTS |
West
Texas Sour |
| WYO
SWT |
Wyoming
Sweet |
