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Platt's oul guide Category: General technical and industrial > Oil specification terms Date & country: 15/08/2008, USA Words: 163

AG
Arabian Gulf

AGO
Atmospheric gasoil

ALG
Algerian

Alkylate
A gasoline blending component composed of isobutane and propylene or butylene.

Aniline point
Reports the aromatics content of a mixture.

ANS
Alaska North Slope

API
American Petroleum Institute

API gravity
An arbitrary scale expressing the gravity or density of liquid petroleum products devised jointly by the American Petroleum Institute and the National Bureau of Standards. The measuring scale is calibrated in terms of degrees API. Oil with the least specific gravity has the highest API gravity. The formula for determining API Gravity is as follows:

ARA
Amsterdam - Rotterdam - Antwerp

ASPH
Asphaltene

Asphalt
1. A mixture of bitumen and mineral aggregate as prepared for the construction of roads or in other paving uses.

ATL
Atlantic

AUD
Australian dollar

Avails
Availabilities

Avgas
High octane aviation gasoline used in piston type aircraft engines.

Backwardation
Market situation where prices are highest in the nearest date periods and are lower in forward delivery dates.

Barge
A vessel carrying oil usually on rivers - containing between 8,000 to 50,000 bbl or weighing 1,000 to 10,000mt. In the US, barges can be up to 100,000 bbl, and some are even a bit larger.

Barrel
A volumetric unit of measure for crude oil and petroleum products. 1 barrel equals 42 US gallons, 35 imperial gallons or 159 liters.

Bill of Lading
Documentation associated with a specific cargo of oil and is signed by the captain of the ship and the contract supplier.

Blendstock
A component combined with other materials to produce a finished refined product.

BS&W
Bottom sediment and water, usually expressed as a percentage by weight.

BTU
British Thermal Unit

BTX
Benzene, toluene and xylene.

BTX extraction
The process for removing benzene, toluene and xylene from reformate or pyrolysis asoline.

Bunker C
A residual fuel used as ship's fuel, usually has a high sulfur content and high viscosity.

CARIBS
Caribbean

Cat gasoline
(cat naphtha) A gasoline blending component made in a cat cracker.

Catfeed
Feedstock to a catalytic cracker, usually vacuum gasoil.

CD
Canadian dollar

Cetane
A paraffinic hydrocarbon used hydrocarbon used as an additive in diesel fuel.

Cetane Number
Number equal to the percentage by volume of cetane added to basic diesel fuel to achieve specific ignition performance characteristics.

CFD
Contract For Differences. A type of crude oil swap.

CFPP
Cold filter plugging point

CIF
Cost, insurance and freight charges for shipping products. CIF prices include these charges.

Cloud Point
The temperature at which a fuel, when cooled, begins to congeal and take on a cloudy appearance due to bonding of paraffins.

CNR
Charterer not revealed

COA
Contract of affreightment between ship owner and charterer.

Contango
Market situation where prices are progressively higher for forward delivery dates than for nearer delivery dates.

Cracked
Molecules broken by certain refining processes...the opposite of straight-run.

Cracked fuel
Residue remaining after a straight run fuel has been processed by enhanced refining methods such as catalytic cracking.

Credit
Terms of payment, i.e. 5, 10 days.

CST
Centistokes - A way of measuring viscosity similar to seconds.

CT
Cent

CTS
Cents

CUM
Cubic meters

Demurrage
The detention of a vessel in loading or unloading beyond the time agreed upon. Demurrage charges are usually incurred for any delay.

DERD
Directorate of Engine Research and Development. It is a UK Ministry of Defense jet fuel specification.

Diesel Index
A measure of the ignition quality of a diesel fuel calculated from a formula involving the gravity of the fuel and its aniline point.

Diff
Differential, usually between two prices.

DM
Deutschemark

Dtd
Dated

Eff
Effective.

EFP
Exchange of futures for physicals.

FCC
First class charterer

FCC
Fluid catalytic cracker or cat unit.

FCCU
Fluid catalytic cracking unit.

Feedstock
Material used in a processing plant.

FFR
French franc

Flash Point
The lowest temperature under very specific conditions at which a combustible liquid will give off sufficient vapor to form a flammable mixture with air in a standardized vessel. Assesses the volatility of the product.

FOB
Free on board. fob prices exclude all, insurance and freight charge

FOD
Fuel Oil Domestique

FOR
Free on rail

FORTIES
The first substantial oil field in the British sector of the North Sea.

FOT
Free on truck

FR
France

FR. ATL.
French Atlantic

GAL
gallon

Gasoil
An intermediate distillate product used for diesel fuel, heating fuel and sometimes as feedstock. Term is often used interchangeably with No. 2 heating oil.

GBP
Pound sterling

GOM or G.M.
Gasoil Moteur -- French gasoil spec.

Group 120
South Texas reporting group. In December 1982, this group stopped reporting and was replaced the following year by Group 140.

Group 140
Conway, Kansas group of propane producers, replaced Group 120 in January 1983.

Group 3
Formerly three railroad companies in Tulsa, Oklahoma. Group 3 now refers to the pipeline price of petroleum commodities from Tulsa to Minnesota.

HDA
Hydrodealkylation, a process used for making benzene from toluene.

Heavy crude oil
Has API gravity lower than 28 degrees. The lower the API gravity, the heavier the oil.

HKD
Hong Kong dollar

HLS
Heavy Louisiana Sweet

HO
Heating oil

HS
High sulfur

HSFO
High sulfur fuel oil

IOC
Indian Oil Corp.

IPE
International Petroleum Exchange

Isomerate
A gasoline blendstock made in an isomerization unit

ITT
In-tank transfer

Kero
Kerosene

KT
one thousand metric tons.

Landed Cost (of oil)
The cost of oil off-loaded at a port. Similar to CIF, but would also include any duties fees or taxes.

Lifting
Tankers and barges loading petroleum at a terminal or transfer point.

Light crude oil
Has an API gravity higher than 33 degrees. The higher the API gravity, the lighter the crude oil.

Light products, light ends
The group of petroleum products with lower boiling temperatures including gasolines and distillate fuels.

LLS
Light Louisiana Sweet

LNG
Liquefied natural gas

LPG
Liquefied petroleum gases such as propane and butane produced at refineries or natural gas processing plants, including plants that fractionate raw natural gas plant liquids.

LS
Low sulfur

LSFO
Low sulfur fuel oil

LSWR
Low sulfur waxy residual fuel oil

LVN
Light virgin naphtha

Med
Mediterranean

Metric Ton
A standard measurement: averages 7.33 barrels of crude oil.

Midgrade unleaded
Unleaded gasoline with a 89 R+M/2 octane rating.