Term which describes the floor traders who provide liquidity for NYMEX traders. Locals often are floor brokers who trade for their own account. Locals operate in the various electronic formats on the NYMEX and typically trade large volumes and cash in profits or losses after small changes in price.
Liquefied petroleum gases fractionated from refinery or still gases. Through compression and/or refrigeration, they are retained in the liquid state. The reported categories are ethane/ethylene, propane/propylene, normal butane/butylenes, and isobutane/isobutylene. Excludes still gas.
A group of hydrocarbon-based gases derived from crude oil refining or natural gas stream fractionation that are often liquefied, through pressurization, for ease of transport. They include: ethane, propane, normal butane, isobutane and add natural gasoline. Uses of these fuels include home heating, industrial, automotive fuel, petrochemical feedstocks, and for drying purposes in farming.
An order to buy/sell a futures/options contract with a price limit. If it’s a buy order, it can’t be executed higher than the limit listed (e.g. 70cts/gal). If it’s a sell order, it can’t be executed lower than the limit.
The maximum one-day price advance or decline permitted from the previous day’s settlement price. Not applicable to the current contract. The limit move is 2 cents on products and $1.00 on crude.
The process of transferring oil cargo between vessels of largely different sizes and is undertaken as many port facilities cannot accept oceanfaring tankers of the size of oil transports.
The final trading session on a futures contact. Any contracts left open at the end must be settled by delivery. On the NYMEX, this falls on the last business day of the month for products and the third business day prior to the 25th on crude.
Liquid petroleum distillates heavier than naphtha, with an approximate boiling range from 401 degrees Fahrenheit to 650 degrees Fahrenheit.
A mixture consisting primarily of pentanes and heavier hydrocarbons which is recovered as a liquid from natural gas in lease separation facilities. This category excludes natural gas liquids, such as butane and propane, which are recovered at downstream natural gas processing plants or facilities. See Natural Gas Liquids.
A kerosene-based product having a maximum distillation temperature of 400 degrees Fahrenheit at the 10-percent recovery point and a final maximum boiling point of 572 degrees Fahrenheit and meeting ASTM Specification D 1655 and Military Specifications MIL-T-5624P and MIL-T- 83133D (Grades JP-5 and JP-8). It is used for commercial and military turbojet and turboprop aircraft engines.
- Commercial: Kerosene-type jet fuel intended for use in commercial aircraft.
- Military: Kerosene-type jet fuel intended for use in military aircraft.