Approximately represents consumption of petroleum products because it measures the disappearance of these products from primary sources, i.e. refineries, natural gas processing plants, blending plants, pipelines, and bulk terminals. In general, product supplied of each product in any given period is computed as follows: field production, plus refinery production, plus imports, plus unaccounted for crude oil, (plus net receipts when calculated on a PADD basis), minus stock change, minus crude oil losses, minus refinery inputs, minus exports.
Crude oil burned on leases and by pipelines as fuel.
The maximum amount of product that can be produced from processing facilities.
Authorization by a shipper in a pipeline allowing another supplier to draw product on account, either on a limited or unlimited basis.
The volumetric amount by which total refinery output is less than input for a given period of time. This difference is due to the processing of crude oil into products which, in total, have a higher specific gravity than the crude oil processed.
The volumetric amount by which total output is greater than input for a given period of time. This difference is due to the processing of crude oil into products which, in total, have a lower specific gravity than the crude oil processed.
Petroleum storage tanks at refineries, pipelines and oil company terminals. Product inventory changes at these facilities are what constitute API and EIA demand computations. See also secondary and tertiary storage.
The maximum number of allowable open contracts for a single trader or a firm in a given futures contract.
1/100th of a cent ($0.0001).
A structure that draws fuel from an underground source. Usually referring to an offshore rig that also transmits fuel from that location via pipeline.