A facility used in the storage or marketing of petroleum products which has a total bulk storage of less than 50,000 barrels and receives product by tank car, or truck.
The acronym for the commercial petroleum aromatics benzene, toluene, and xylenes. See individual categories for definitions.
The number of Btus contained in a cubic foot of natural gas fully saturated with water under actual delivery pressure, temperature and gravity conditions.
The heating value contained in a cubic foot of natural gas measured and calculated free of moisture content. Contractually, dry may be defined as less than or equal to 7 pounds of water per Mcf.
Anyone who executes futures or options contracts in exchange for a commission fee. The term can apply to account executives who take phone orders and pass the execution on to the floor; the term also applies to floor brokers on the NYMEX who actually execute the orders in the pit.
The measure used to gauge the heating quality of various fuels. It is the amount of heat needed to increase the temperature of one pound of water one degree Fahrenheit from 58.5 to 59.5 degrees under standard pressure of 30 inches of mercury at or near its point of maximum density. General conversion factors are: 1 Btu = 252 calories,1,055 joules, or 0.293 watt hours.
Blend of crude oil from a critical group of North Sea fields, Brent is the standard contract for ICE crude oil futures trading, and the most commonly referenced crude in Europe. It’s described as the European counterpart of WTI, and its morning performance is often a harbinger for the NYMEX opening. London’s IPE benchmark crude for international oil physical and futures trading.
A rapid and sharp price decline.
An average of all branded suppliers, denoted with a (b) in the OPIS rack display. Calculated on a gross or net price basis.
Distinction of product that is sold under a trademark owned by a refiner (or reseller in some instances) and usually affiliated with integrated or major oil firms. Branded product often carries a premium to unbranded product, since it can be sold under a branded flag. Branded gasoline can be sold as unbranded product, but the reverse is not true. Branded markers are most often proprietary additive packages to improve the quality and performance of a product.