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Arabian Gulf |
|
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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. |
|
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. Asphaltene |
|
ASPH |
|
|
Asphalt |
|
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ATL |
Atlantic |
|
AUD |
Australian
dollar |
|
Avails |
Availabilities |
|
Avgas |
High octane
aviation gasoline used in piston type aircraft engines. |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Indian Oil
Corp. |
|
|
IPE |
International
Petroleum Exchange |
|
Isomerate |
A gasoline
blendstock made in an isomerization unit |
|
ITT |
In-tank
transfer |
|
Kerosene |
|
|
KT |
one thousand
metric tons. |
|
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 |
|
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 |
|
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 |
|
|