The price that the dealer pays to its supplier, usually a jobber or refiner. Dealer prices are usually higher than rack prices because they include transportation costs. A tankwagon is the actual vehicle that the supplier or jobber uses to transport product to the dealer.
The purchase and sale of a futures or option contract during the same business day. Much of the activity of locals is focused around day trading.
Type of order to purchase or sell a futures contract where the order is valid for one day unless you specify otherwise.
An average of all rack suppliers (with the exception of those denoted as out of product), calculated either as a gross or net average. Calculated at approximately 10:00 a.m. ET daily to allow time for our pricing specialists to do a validation check on the data. Daily contract average is frozen for 24 hours, generally from 10:00 a.m. to 10:00 a.m. for contract reconciliation purposes. Branded and unbranded averages are also available.
An average of all rack suppliers (without those denoted as out of product), calculated for either gross or net. Calculated no later than 4:59 p.m. EST daily and published with OPIS rack displays.
The futures contract date closest to expiration. Contracts are usually referred to by month (i.e. September Crude refers to crude contracts that are to be delivered in September).
The initial refining operation in which the basic cuts of fuel are distilled out of crude oil.
Refers to two properties of crude oil, the sulfur content and API gravity, which affect processing complexity and product characteristics.
The volume of crude oil produced from oil reservoirs during given periods of time. The amount of such production for a given period is measured as volumes delivered from lease storage tanks (i.e. the point of custody transfer) to pipelines, trucks, or other media for transport to refineries or terminals with adjustments for (1) net differences between opening and closing lease inventories, and (2) basic sediment and water (BS&W).
Represents the volume of crude oil reported by petroleum refineries as being lost in their operations. These losses are due to spills, contamination, fires, etc. as opposed to refinery processing losses.