A period of repetitious and limited price fluctuations within a tight trading range.
A naturally occurring gaseous hydrocarbon that liquefies when cooled to surface temperature. Condensate is considered to be a part of crude oil production. This definition is contested by some OPEC members who want to produce large quantities of this product outside official OPEC quotas.
A pipeline or transport company which has government authority to move product for hire, operating like a public utility with standard rates for various shipments.
The short period at the end of a futures trading session each day at which the closing price range is established.
Term which applies to a group which pools money to trade commodities; the commodities version of a mutual fund.
Term for the entities which buy and sell actual futures contracts for customers in exchange for a commission; also known in the trade as a futures commission merchant or FCM.
Term which generally applies to the mixing of two petroleum products with similar specifications. Most branded gasoline firms require that their product not be commingled to preserve the integrity of the brand.
A trailer used to handle freight in the transportation of goods for others; excludes house trailers, light farm trailers and car trailers.
Oil companies, as opposed to speculators trading typically in a futures environment. Commercial entities typically have a stake in the supply chain as a physical producer of oil or a physical consumer of petroleum products.
An equipment configuration which includes a separate power unit (tractor) and at least one trailer.