Industry or non-industry participant who eyes a futures or options profit by anticipating a future price movement or changing relationship. A speculator might purchase 30 Dec. heating oil contracts at 50cts/gal when he judges that technical or fundamental factors are likely to drive the prices higher.
The comparable weight of different grades of crude oil. A lower number reflects a sweeter, lighter grade of crude oil more conducive to gasoline production.
A futures exchange in Singapore for trading fuel oil.
All finished products within the naphtha boiling range that are used as paint thinners, cleaners, or solvents. These products are refined to a specified flash point. Special naphthas include all commercial hexane and cleaning solvents conforming to ASTM Specification D1836 and D484, respectively. Naphthas to be blended or marketed as motor gasoline or aviation gasoline, or that are to be used as petrochemical and synthetic natural gas (SNG) feedstocks are excluded.
Description which usually pertains to a market where speculative shorts are covering or cancelling out their positions by buying product. A rally from short covering is not indicative of new buying and is often violent but brief.
Having an outstanding position to sell a wet bbl or a futures contract. A speculative short trader would be hopeful of a market decline so he could eventually buy back his bbl at a lower price. A market with too many short traders is often described as oversold.
The design capacity of a petroleum storage tank which is always greater than or equal to working storage capacity.
The price established by the Exchange Settlement Committee at the close of each trading session as the official price that will be used by the clearing house in determining net gains or losses on the day. The settlement or settling price provides the benchmark by which margin requirements and the next day’s price limits are made. There are frequently significant variations between closing prices – those trades witnessed immediately before the closing bell, and the settlement prices.
Petroleum storage tanks consisting of retail gas stations, bulk plants and commercial storage.
The Saudi Arabian Oil Company, the national oil company of Saudi Arabia.