A mixture of hydrocarbons, mostly pentanes and heavier, extracted from natural gas. Includes isopentane, natural gasoline, and plant condensate.
Substances which, when added to gasoline, increase the amount of oxygen in that gasoline blend. Fuel ethanol, ethyl tertiary butyl ether (ETBE), and methanol are common oxygenates.
- Fuel ethanol: Blends of up to 10% by volume anhydrous ethanol (200 proof), commonly referred to as the “gasohol waiver”.
- Methanol: Blends of methanol and gasoline-grade tertiary butyl alcohol (GTBA) such that the total oxygen content does not exceed 3.5% by weight and the ratio of methanol to GTBA is less than or equal to 1. It is also specified that this blended fuel must meet ASTM volatility specifications (commonly referred to as the “ARCO” waiver). Blends of up to 5.0% by volume methanol with a minimum of 2.5% by volume cosolvent alcohols having a carbon number of 4 or less (i.e., ethanol, propanol, butanol, and/or GTBA). The total oxygen must not exceed 3.7% by weight, and the blend must meet ASTM volatility specifications as well as phase separation and alcohol purity specifications (commonly referred to as the “DuPont” waiver).
Finished motor gasoline, other than reformulated gasoline, having an oxygen content of 2.7% or higher by weight.
Non-hydrocarbon additives—including MTBE, ethanol and methanol—which boost octane and produce a cleaner combustion.
The opposite of overbought.
A trading term used to express the opinion that prices have escalated rapidly, and therefore are subject to a sell-off as positions are liquidated.
Petroleum products sold at the wholesale level from primary storage. Refers to loading racks where tanker trucks fill up. See also Rack Market.
Refers to an option where the futures price is less than the strike price for the appropriate call, or higher than the strike price for puts.
OPIS marks out-of-product if a rack supplier’s product is confirmed unavailable for more than 24 hours. Postings which meet this criteria will be designated out-of-product with an “o” next to the listing, and these numbers will not be part of the OPIS lows, highs or averages.
OPIS prices labeled as out month represent transactions for product that buyer and seller agree will be delivered any time in the next calendar month.