The components of petroleum disposition are stock change, crude oil losses, refinery inputs, exports, and products supplied for domestic consumption.
A urea solution used in Selective Catalytic Reduction (SCR) to lower nitrogen oxide (NOx) concentration in the exhaust emissions from diesel engines.
The removal of sulfur, as from molten metals, petroleum oil, or flue gases. Petroleum desulfurization is a process that removes sulfur and its compounds from various streams during the refining process. Desulfurization processes include catalytic hydrotreating and other chemical/physical processes such as adsorption. Desulfurization processes vary based on the type of stream treated (e.g. naphtha, distillate, heavy gas oil, etc.) and the amount of sulfur removed (e.g. sulfur reduction to 10 ppm). See also Catalytic Hydrotreating.
General term used to describe the class of futures-related instruments offered by oil companies, banks, large brokerage houses, etc. These programs are derived from general futures contracts, but often are tailor-made to individual market and company needs. Example: an oil company offering a price cap for No. 2 oil rack prices in Atlanta that’s tied to an OPIS average is offering a derivative. These can be “wet,” featuring actual physical purchases, or “paper,” where only money exchanges hands.
The U.S. federal government agency establishing programs and policies regarding national energy matters; includes the Energy Information Administration (EIA), a division that compiles data on petroleum supply and demand on a weekly and monthly basis.
The satisfaction of a futures contract by the tendering of the actual physical commodity.
Detailed estimates of rack replacement costs using spot prices and including pipeline tariff costs, shrinkage fees, proprietary additive fees plus other miscellaneous costs.
A process by which heavier crude oil fractions can be thermally decomposed under conditions of elevated temperatures and pressure to produce a mixture of lighter oils and petroleum coke. The light oils can be processed further in other refinery units to meet product specifications. The coke can be used either as a fuel or in other applications such as the manufacturing of steel or aluminum.
The number of degrees per day that the daily average temperature is above 65 degrees Fahrenheit. The daily average temperature is the mean of the maximum and minimum temperature for a 24-hour period.
Contracts that will mature beyond the current delivery month. Also called distant or back contracts.