The amount of imbalance allowed by a utility which is not subject to a penalty charge. The imbalance tolerance is usually stated in a range expressed in percentage terms.
A contractual agreement between two or more legal entities to account for differences between chart measured quantities and the total confirmed nominated quantities at a point. They have been used to keep track of over/under production relative to entitlements between producers or over/under deliveries relative to confirmed nominations between operators of wells, pipelines and LDCs.
The act of making receipts and deliveries of gas into an interstate gas pipeline or a local distribution company’s system equal with withdrawals from that pipeline or system. Balancing may be accomplished daily, monthly or seasonally, with fees or penalties generally assessed for excessive imbalances. The purpose of balancing requirements is to prevent a shipper from tying up storage and line pack with excess deliveries of transportation gas, or from depleting storage and line pack by taking more gas off the system than it delivers, both of which disrupt other sales and transportation services.
Term that describes a market which features higher prices for prompt or near-term delivery than for forward or outer month(s) material. This scenario offers no incentive to store barrels.
“Real-time” monitoring of natural gas quantities and characteristics as it passes through a specific location. This is usually accomplished through the use of radio or telephone technologies.
Naphthas which will be used for blending or compounding into finished aviation gasoline (e.g., straightrun gasoline, alkylate, reformate, benzene, toluene, and xylenes). Excludes oxygenates (alcohols, ethers), butanes, and pentanes. Oxygenates are reported as other hydrocarbons, hydrogen, and oxygenates.
A complex mixture of relatively volatile hydrocarbons with or without small quantities of additives, blended to form a fuel suitable for use in aviation reciprocating engines. Fuel specifications are provided in ASTM Specification D 910 and Military Specification MIL-G-5572. Note: Data on blending components are not counted in data on finished aviation gasoline. Generally a high octane gasoline.
Specifies buying or selling a futures/options contract as quickly as possible, at the best possible price. Gives the broker the discretion to use his expertise to execute the contract, regardless of where the market moves, between when the order is given and execution is made. At the Money Option – Refers to the state which may briefly exist when the options strike price and the futures price intersect. A 60cts/gal December call or put is “at the money” when the futures price is at 60cts/gal.
The refining process of separating crude oil components at atmospheric pressure by heating to temperatures of about 600 degrees Fahrenheit to 750 degrees Fahrenheit (depending on the nature of the crude oil and desired products) and subsequent condensing of the fractions by cooling.
Grade and quality specifications for petroleum products are determined by ASTM test methods.