Glossary Terms

Magellan Pipeline terminology for No. 1 fuel oil. The feedstocks that are sent to a fractionator in order to extract gas liquids.

Colorless liquid of the aromatic group of hydrocarbons made the catalytic reforming of certain naphthenic petroleum fractions. Used as high-octane motor and aviation gasoline blending agents, solvents, chemical intermediates. Isomers are metaxylene, orthoxylene, paraxylene.

Magellan Pipeline terminology for ultra-low sulfur diesel fuel.

The difference in volume between the maximum safe fill capacity and the quantity below which pump suction is ineffective (bottoms).

The benchmark grade of domestic crude, traded on the NYMEX and stored at Cushing, Oklahoma.

See netbacks.

Industry term to specify actual physical barrels, often in a very prompt timeframe. Contrasts with paper bbl, where title is not backed up with actual physical material.

A tax basing the fee per mile on the registered gross weight of the vehicle. Total tax liability is calculated by multiplying this rate times miles traveled.

A solid or semi-solid material consisting of a mixture of hydrocarbons obtained or derived from petroleum fractions, or through a Fischer-Tropsch type process, in which the straight-chained paraffin series predominates. This includes all marketable wax, whether crude or refined, with a congealing point (ASTM D 938) between 100 and 200 degrees Fahrenheit and a maximum oil content (ASTM D 3235) of 50 weight percent.

The number of transactions made on a futures exchange that would consist of a purchase and a matching sale.