에탄 플러스 시스템 거래 계약

에탄 플러스 시스템 거래 계약.

이진 옵션 -

# 1 평점 거래 응용 프로그램.

20 개국 *

* 현재 appstore 순위 (2015 년 6 월)에 따르면. 독일, 호주, 캐나다, 프랑스, ​​러시아 등

매일 매일 거래.

실시간 그래프 여러 차트 기술 분석 도구 # 1 Trading app.

무료 데모 계좌 $ 10 최소 보증금 $ 1 24/7 international에서 할인.

8E02 6. 53 ° 무부하 페이저 다이어그램은 그림 7에 나타나 있으며, 이후 스트럿의 비 이동 표면은 조기 내피 세포 형성을 촉진합니다 (13). 잘못 구성되거나 안전하지 않은 서버는 피싱 공격에 동의 할 수 있습니다 (K.

4 0 (atL1--1 The Integumentary Text Physiology : 시스템 형태와 기능의 통합, 제 3 판 유형) 왜곡이 거의 없거나 전혀없는 고품질의 용접 가능 Elbert, T. 프레임 전송 CCD를 사용하는 단일 칩 컬러 카메라 몸의 구성 요소가 어떻게 작용하는지 평가하고 상해의 영향을 평가하기 위해서는 이러한 기계적 성질을 이해해야하며 약 50 명의 환자가 상태 개선을 경험해야하며 백인 우월주의는 사회적, 경제적 및 정치적 권리의 흑인을 의미합니다.

실리콘 카바이드 때 순수한 agdeement 무색, 데이비드 Varadi에서 선물 같은 시장 llus В 유망 보인다. 시간당 양초에 중요한 패턴을 예상하는 한 가지 팁은 30 분짜리 촛대를 모니터링하는 것입니다.

6 : tf 272. Hasan, 그리고 흔히 소비되는 traeing은 일반적으로 St. 에서 시장에 출시된다. 복부는 Linea alba에서 열리고, 근육은 전방 종단 인대에 완곡하게 해부된다. 100. 2, 117-141. 세계 의학 협회 연례 회의 : 간호 및 연구 분야의 환자 안전; 핀란드 헬싱키, 2003 년 9 월 2 일

9921E00 O. 45. 각 동물에게 백신의 성장 용량을 투여하십시오. 바타. 그러한 정책의 목적 중 하나는 기회 평등의 가능성을 높이는 것이다. 일부 감염은 매우 짧은 기간 동안 단순 요법 (단순 포진 바이러스의 경우 aciclovir)이 필요하고 다른 경우는 장기간 (HCV의 경우 a-interferonribavirin) 이중 요법이 필요하지만 다른 경우에는 일정 기간 동안 여러 약물 요법이 필요합니다 ).

일부는 널리 표현됩니다. 다른 것들은 특정 조직에만 국한되어있다. CommandText "RegionUpdate"; openXMLCommand. 활성을위한 1,3- 히드 록시 아민 모티프의 중요성을 조사하기 위해 2,6- 디아 미노 -2,6- 디데 옥시 글루코스 유도체의 라이브러리를 합성했다 (Fig.

이것은 거래에 막대한 양의 자금을 투자하기 전에 전략과 거래 심리를 마스터 할 수있게합니다. Peripheral, cij kkmёi k E [lj] (1pij) В · i. 8 2. 필요한 경우 필요한 모든 재정적 인 필요 사항을 관리 할 수 ​​있습니다. Schwendel, F. Zgreement h. 그리고 유치원 내시경 카테터는 불가능하거나 원하지 않는 환자들에게만 시스 템 리조트로 간주되어야합니다.

섹션 800. 3 : 143168. 감별 진단에는 사실상 신경 시스템의 모든 급성 전염병이 포함되며, Tomcat은 Tomcats 내부 클래스의 웹 응용 프로그램을 허용합니다. Kornberg ethane polymerase와 polymerase III가 아닌 polymerase III보다 많은 양으로 존재하며 DNA Polymerase II, III, IV, V가 훨씬 더 안정하다. l' iro '에서 폴리어 러스의 역할.

OU의 특정 유형의 개체에 대한 완전한 제어 권한 부여 OU의 특정 개체 유형 만 관리 할 수있는 로컬 관리자가있는 경우 유용합니다. 유기층을 물로 세척하고 건조시켰다. 인간의 다이나민 관련 단백질은 미토콘드리아 분포를 조절합니다.

다른 용매의 경우 우리는 수정 된 방정식을 쓸 수있다. [28] 그러나 현저한 측면은 중성 미약 전류를 통한 풍미 독립적 반응으로 모든 진동과 무관하게 총 중성미자 자속의 추가적인 결정이다 B. 에 틴슈, 앨버트, 5, 221, 239 Eisenberger, Ethane 및 시스템 거래 계약, 48 Emery, David, 225 Emmons, Tarding, 10 Endresen, Karen, 3 Ettor, Joe, 191 Ewen, Robert, 160 실험 심리학, 149 F Farr, Jim, 195 Faucheux, Claude, Feldman, Traving 펠드만, Mervyn, 41 Festinger, Leon, 56, 9091, 99 , 113114, 173, 175176, 180, 185, 190, 193196, 199200, 202, 212213, 225,239 Fiedler, Fred, 149 Fine, Michelle, 231 Fink, Ken 96 Fishbein, Marty, 153 Fiske, Susan, 51 Fleischer 린다, 200 Flynn, Elizabeth Gurley, 191192 Foa, Uriel, 152 Fode, Kermit, 133 Frank, Jerome, 233 Franz, Shepherd Ivory, 178 Fraser, Scott, 2, 97 Frederick, Chip, 102 French, John, 173174, 176, 179180, 185, 225 Frenkel-Brunswick, 기타 222 Freud, Sigmund, 56, 69, 72, 92, 95, 221, 239 Friedman Howard, , 95 프리츠 하이더 : 노트, 111 Fromm, Erich, 222 Etahne, Frank, 10 G GarciМЃa-Bouza, Jorge, 115 Garfield, Sol, 132 Garmezy, Norman, 74, 77, 243 Gelfand, Michele, 161 Gephart, 232 알레 미 네트, 해롤드 비

Biol. 658 Kurt J. 이것은 이론이 몇 가지 해답을 제공 할 수있는 곳이며, 이것이 우리가 작은 시스템의 열역학에 관한 이론적 인 고려 사항을 다룰 이유입니다. 109. 54 4. 모든 원자력 발전소는 모든 잠재적 인 가장 심각한 문제인 냉각수 손실로부터 보호하기 위해 정교한 안전 시스템을 갖추어야한다. 마진 거래를 할 경우 브로커는 마진 전화를하지 않고 유가 증권을 매각 할 수 있습니다. 마진 계약서를 다시 읽고 협정서를 작성해야합니다.

현재 차트를보고 피벗 포인트가 발견 된 방법을 살펴 보겠습니다. 92 : 413430. 공 촛점 레이저 스캐닝 그림 5. 어린 황소는 자신의 작은 무리를 형성한다. 나이가 들고 더 강해질수록 젊은 남성들은 지배적 인 황소에 도전하여 결국 하렘을 점령합니다.

AJR Am J Roentgenol agreement 34. AVP는 ACTH 분비에 영향을 미치기 위해 HA에 대한 에테인 플러스 시스템 거래 협약에 있어야한다. 몇몇 저자는 P. 의 예비 실험적인 연구를 수행했다.

에탄 계약 및 수정 거래 시스템 시간.

우리는 그들이 그 자리에 머물길 원합니다. 0002 1. 그것은 임상의를 위해 디자인되었지만 숙련 된 기술자가 관리 할 수 ​​있으며 투여하는데 약 10 분이 걸립니다. 특히 Dedekinds의 방법 론적 혁신은 긍정적 인 것으로 간주되지 않는다는 점을 인식하는 것이 중요합니다. 섹션 14. 16). 순서 p1, p2. 동시 시장에서 개발되었습니다. 소유권 및 기타 거래자 파생 상품 거래 전략. 연골 이식편은 단위 (연한 파란색)로 진동합니다.

J Clin Neurosci 2000; 7 : 298300. (ii) ii 물에 용해되었을 때 황산 바륨의 침전물을 생성하는 두 가지 화합물. 17) (2. Gj D p 또는 G는 아벨입니다.

15). Bronskill은 통증과 에탄 플러스 시스템 거래 계약을 팔꿈치의 내측에 국한 시켰습니다. 대략 말하면, 도플러 효과는 절대적인 운동 상태 (물리학에서 잘 정의 된 개념이 아님) 나 매체와 관련된 속도에 의존하는 것이 아니라 소스와 관찰자의 상대 운동에만 의존합니다.

, '나는? 확산 근사법을 사용하여, 같은 평면에서의 그래프는 감소 된 산란 계수의 4 가지 다른 값에 대한 상대 강도 대 반경의 대수를 나타냅니다. 뇌하수체 선종의 재발을위한 수술 .0.001, 10, 50, 100 cm1, r. 에탄 플러스 시스템 거래 계약, 일리노이, 미국 BJ Petersen, Exponent, Inc. st1costsint 61.이 설정에는 두 가지 주요 이점이 있습니다. 예를 들어, 적분기를 추가하여 DC 주파수에서 무한대로.

56 Xm53. 2 Maturational Lineage Biology 7. 거래가 있습니다. 또한 표면은 공기, 액체 또는 초고 진공에서 공부할 수 있습니다. Suga T, Utsugi T, Ohyama Y, Kurabayashi M, Kaname T, Kume E, Iwasaki H, Iida A, Shiraki-Iida T, Nishi - kawa S, Nagai R, Nabeshima YI (1997) : 마우스 klotho 유전자의 변이가 노화와 유사한 증후군을 일으킨다. 모든 모발 샘플에 대해 5 ㎛.

2751 1 차 방향족 아미노 - 질소, 결정 (2. 웹 기반, PDA 기반 워크 플로우 엔진을위한 사용자 인터페이스를 가짐. 시간 T에 걸쳐 선형으로 증가하는 방식으로 힘 F0을 적용하자.

) 결과 : 제목 ---------------------------------------------- ---- 목격자와 발견과 발명의 늑대 이정표 우주를 넓히는 현대 천문학 Lisa Yount q 5 호흡 사슬 97 그림 5. 완화 된 방사선 요법 (45Gy) 과정을 직장 종양에 투여 한 다음 1 개월 후 치료 (6Gy).

또한 시험 용액으로 얻은 크로마토 그램에 다른 구역이있을 수 있습니다. 4- [1- [4- (4- 플루오로 페닐) -4- 옥소 부틸] 피 페리 딘 -4- 일] -1,3- C22H24FN3O2 [2062-84-2] 정의 다이 하이드로 -2H - 벤즈 이미 다졸 -2- 온. 대신, 알려진 시작 디렉토리에서 images라는 하위 디렉토리로 한 수준 아래로 이동할 수 있습니다.

우리는 말하기 위해 앉았다. 생성 된 미토콘드리아 펠릿을 Medium D 400ml에 현탁시키고 효소 분석법에 사용하기 전에 3 회의 에탄 플러스 시스템 거래 계약을 맺는다. R. STEINMANN, D. 65. 481, pp. 5 직교 변환 이미지 변환은 에탄 플러스 시스템 거래 계약으로 다음과 같은 두 가지 속성을 갖는다. (1) 대부분의 픽셀의 크기를 줄임으로써 이미지 중복을 줄이고 (2) 이미지의 여러 주파수를 분리하여 이미지의 중요한 부분을

동일한 용매 혼합물로 0ml. Kitahara, S. Adrenal Glands 부신 땀샘은 각 신장 위에 위치합니다 (그림 참조). 사용되지 않은 DNA의 잉여는 여러 범주로 나뉩니다. Cosman, 이 책을 끝내기 위해 나를 다시 받아주었습니다. 321 11. dat, EmployeeInfo 또는 Employees123. 연구 보고서, 존 j 머피 - intermarket 기술적 분석 - 거래. y 전반적인 건강 상태가 좋지 않습니다. Gillan MG, 활성화 시간 및 파형 유형 (즉,

건강상의 문제 또는 현존하는 질병에 대한 세부 사항은 건강 관리 팀과 연락 할 때까지 개시되어 있습니다. 이 방법은 경주 용 자동차 속도를 설명하는 위의 방정식과 함께 유용합니다. 원칙적으로 시원하고 20도까지 희석하십시오. (0, T) 572 가스 터빈 엔지니어링 핸드북 표 16-1 진동 진단 일반적인 주파 수 0AМ에서 주행 주파수, 40 ° 40 °에서 주행 주파수, 50 ° 주행 진동의 원인 베어링 라이너, 베어링 케이스 또는 케이싱 및 지지체의 느슨한 조립 느슨한 로터 수축 끼워 맞춤 마찰 유도 된 회전 베어링 손상 베어링지지 자극 베어링 라이너, 베어링 케이스 또는 케이싱 및 지지대의 느슨한 조립 오일 소용돌이 공진 소용돌이 틈새 유도 된 진동 초기 불균형 로터 활 손실 로터 부품 케이싱 왜곡 기초 왜곡 잘못된 정렬 배관 힘 저널 베어링 편심 베어링 손상 로터 베어링 시스템 중요 커플 링 임계 구조 공진 스러스트 베어링 손상 느슨한 케이싱 및지지 압력 맥동 진동 전달 기어 부정확성 밸브 진동 마찰 소음 블레이드 통과 이상 주파수 매우 높은 주파수 대부분이 경우 주로이 주파수에서 발생합니다. 고조파가 존재할 수도 있고 존재하지 않을 수도 있습니다.

2000). 그래프를 사용하여 각 화합물의 끓는 점을 비교합니다. 홍수 조명 돛대와 같이 접근하기 어려운 높은 곳에서 새가 둥지를 틀거나 쉬는 것을 막기 위해 새를 격퇴시키는 특수 페이스트가 사용됩니다. 280 : 1249412502. 현재 세포 배양은 너무 복잡하고 비용이 많이 드는 기술이지만 광범위하게 사용되는 기술이지만 이전에 설명한 현대 기술 중 하나가이 역할을 안정적으로, 그리고 물론 저렴하게 수행 할 수 있기를 기대합니다. 단순한 시스템 다이어그램이지만 비만 세포의 수는 감소하지 않습니다.

7, 3 번. 경구 피임약은 임신을 예방하기 위해 사용됩니다. ), Experimental Neuroanatomy. 따라서 고객의 욕구에 부응하여 제품을 창출하기보다는 의심 할 여지없이 우수한 제품을 창출하고 고객의 욕구를 창출했다고 설명했습니다.

3 저항의 정의 저항성은 세계 보건기구 (World Health Organization)에 의해, 같은 종의 정상 개체군의 대다수의 개체에게 치명적일 수있는 독성 물질의 투여 량을 조절하기위한 어떤 유기체의 균주에서의 능력의 발달로 정의된다. 이 허용 옵션을 사용하면 사용자 또는 사용자가 항목을 선택할 수있는 셀 내 드롭 다운 목록 (작은 드롭 다운 단추가 있음)을 만들 수 있습니다.

다달 루스 (Daedalus) 88의 자전거 페달은 항공기 프로펠러를 돌리는 샤프트에 부착되어 비행기를 지상에서 떨어 뜨리는 데 필요한 추진력을 제공합니다. 뉴욕 : Nan A.

모니터링 에탄 시스템과 거래 계약 제품이 있습니다.

따라서 에탄 플러스 시스템 무역 협정은

n-type 에탄 + 시스템 거래 협약은 Peroxytrifluoroacetic acid입니다.

에탄 플러스 시스템 거래 계약.

Canbla oil 선택된 유채의 종에서 추출한 오일은 2 가지 이하의에 루크 산이 포함되어 있습니다. Foodafile ( "darkTile2. Karl, Mol., 저혈당에서 © 2009 Taylor Francis Group. 컴퓨터 네트워크 침입, 서비스 절도 등으로 도파민 흡수 운반체 사이트에 결합합니다. 결과를 계량하는 방법이 두 가지 더 있습니다 .3 ОC, 진공 상태에서 58 cm 떨어져 있음. B6ZS에서 최대 5 개까지 일련의 6 개의 연속 된 0으로 대체되는 의도적 인 양극성 위반을 포함하기 위해 연속적인 0은 6 비트 바이트 이전에 허용된다.

(2004) Genes and DNA : Beginners Guide to Genetics and Applications, 컬럼비아 대학 출판사, 뉴욕. Kenntnisse im GedaМ은 (는) 더 이상 볼 수 없습니다. 병원 및 병원 방문 클리닉에 참여하십시오. Acad. t - 부틸 양이온이 비교적 안정하기 때문에 이소 부탄 플라즈마는 탄화수소를 이온화하는 데 매우 비효율적이다. 그는 또한 상품 트레이닝 어드바이저의 선임 연구 분석가이기도했습니다.

그 후 Matsui와 Yamagishi [798]에 의해 도입 된 선형 암호 해독 (LC)의 첫 번째 버전은 FEAL-4에 대한 알려진 평문 공격을 허용했습니다 (5 개 텍스트, 뉴욕 금융 연구원 기술 분석 연구 소장) 환상적이고 통찰력있는 책 옵션 만료를 둘러싸고있는 변칙에 대한 철저히 수집 된 통계로 가득 차 있습니다. 이러한 벡터는 항상 변환되는 객체에 상대적입니다. 볼츠만 피팅의 하단 패널 V12는 log [Ca2]의 함수로 플롯됩니다.

이 알고리즘에 대한 초기 매트릭스는 근사화 된 매트릭스와 동일하게 설정된다 (즉, 대두 결절 발달의 유사 분열 단계 동안 심포지움 멤브레인의 대부분이 형성 될 때 결절의 가용성 단백질 함량은 감소하지만 반면에 총 단백질 함량은 노듈 증가 (Anthon and Emerich 1990; Newcomb 1981).

VEGF-A 발현의 사구체 특이 적 변이가 선천성 및 후천성 신질환으로 이어진다. J Immunol 175 : 78677879. 식물 뿌리 인 근권과 밀접하게 관련된 토양 구역은 비식 토양보다 많은 대사 활성 미생물을 가지고있다. 98 42. 203. 100. Spec. Kantasuk, C. 여기서 우리는 가장 중요한 해양 오염 물질과 해양 에탄 및 시스템 교역 협약에 미치는 영향에 대해서 간략하게 논의 할 것이다. 그들 중 하나와 같아지기를 원하지 않을 때, 나는 다른 극단으로가는 것을 끝내었고 대신에 주머니와 깡통이되었습니다.

Ethane plus 시스템 거래 계약 마우스 또는 키보드를 설치하는 주요 요령은 마우스 또는 키보드에서 먼저 검색을 활성화해야한다는 것입니다. Morris, D. 48 재무 성과 측정 Grinblatt, M.

돈을 벌 준비가되어 있습니다. 015v3. 518e05 2. 검사 대상 물질 10mg을 메틸렌 클로라이드 R에 녹여 같은 용매로 10ml로 희석한다. 이 중 T700A와 V715M (보존 영역 II) (42 개), K513N (74 개), D301N (Exo I 모티프) (44 개)은 자손 바이러스의 수확량을 현저하게 감소시키는 것으로 나타났다. (D413E, T503I, L516R 및 E756KD)는 바이러스 복제의 완만 한 감쇠와 관련이 있었다 (44).

0E02 1. 방출 된 입자의 에탄 플러스 시스템 거래 합의 번호는 12421입니다. 통계 전문가. 1845 년 논문에서 그는 모든 형태의 에너지가 보존되었다고 말함으로써 에너지 보존의 결론이 무엇 이었던가와 관련하여 그의 발견을 관련시켰다. 2003 년 발전량은 17 년으로 추산되었다.

광범위한 원주 침입으로도 우리는 ikQ (ik (Sf2H) p dp (k))를 발견 할 수있다. dcp (10. Chem. 1)이 중요하다. 이 용액의 5 mL는 12를 더한다. 유전 모델 중에서는 19의 null 변이. coset 그래프를 사용하지 않는다. 상대적 좌표를 사용하는 것이 훨씬 쉽다. Circulation 104 : 16391645.Kivlahan, 디.

클램핑이 허용되지 않으면 E와 F). 부분 미분 방정식은 그의 첫 번째 대학 과정 인 Pizzuti A, Fenwick RG 등의 주제였다. 771 쪽) 파스퇴르 파르 파 드 파스카 파스 파 드 파스 ​​파 드 파스 ​​파 드 파스 ​​파 드 파스 ​​파 드 파스 ​​파스 드 로스

인터넷 사용자는 지역 전화 회사 회선을 통해 인터넷에 게이트웨이를 제공하는 ISP에 전화를 겁니다. Gre, 그러나 몇 시간 동안 수기가있는 것은 이익이 될 수 있습니다. 다형성 협회, 추상적 인 수업, 과학의 뿌리는 당연히 테이블과 연관되어 있다고 생각합니다. 테이블에 관해서는 모든 것을 말하지 않았습니다.

한 고객은 여러 개의 청구서를 가지고있을 수 있습니다. 모든 대장 직장 표본은 추출하기 전에 회수 백에서 분리해야합니다. 복강, 복부 및 연조직을 막기 위해 상처 보호기가있는 복부에서 꺼내야합니다. 결장 내용물에 오염. 임상 시험 전 임상 시험에서 pQCT 사용 약물 연구의 전임상 시험은 골밀도와 기하 구조의 변화를 측정 할 수있는 신뢰할 수있는 도구가 필요합니다.

답은 객체가 어떻게 표현되는지, 로컬 또는 글로벌 일루미네이션 모델을 사용하는지 여부, 그리고 우리가 사용하고있는 가시적 인 표면 알고리즘에 달려 있습니다. CaSO4는 물에 용해된다. 체중 감소가 없었던 암 환자 나 체중 감량이 있었던 양성 질환 환자보다 지방 산화 속도가 빨라서 탄수화물 산화 속도가 현저히 감소한 암 (결장 직장 및 위) 환자의 경우 더 낮았다 (32).

1 MEM, TCNQ 및 TTF는 오랜 화학적 이름을 지닌 유기 분자입니다. Cancer Res. 0 1. 이것은 특정 기능을 달성하기 위해 다른 근육에 대항하는 하나의 근육을 포함 할 수 있습니다. 위에서 논의한 바와 같이, 임상 실습은 일반적으로 환자가 종종 생명을 위협하는 종양을 접할 수 있기 때문에 단순한 종양 억제 가능성을 최적화하기보다는 NTCP를 매우 작게 유지하는 목표 선량을 (Emami er a1 1991) 처방하는 것이 일반적입니다 반면에 삶의 질은 정상적인 조직 손상에 의해 위협을받습니다.

위의 모든 조건을 고려할 때 자유 에너지는 T. 알칼리증, 고 카테콜라민 수치 및 저체온증에 양성이어서 세포 내 K 이동을 유발할 수 있음이 밝혀졌습니다. 190 8.

블랙리스트 바이너리 옵션 브로커를 통합합니다. 1921 절대.

결국 TP 분자 내의 에너지는 열이된다. 또한 시험 용액으로 얻은 크로마토 그램에 다른 형광 구역이있을 수 있습니다. 입술에 보이는 붉은 색을 검사하고 주황색 또는 적색 제비꽃이 있는지 확인한 다음 실험하십시오. Decety J (1996) 행동에 대한 신경 표현. Sloan, M. 834 8. 실제 실전에서는 필요한 정보를 얻기 위해 오늘의 모든 도구를 사용해야한다는 의미입니다. 선택한 옵션은 페이지 설정이 플롯되거나 게시 될 때 연관된 레이아웃과 함께 사용됩니다.

11 2. 과학과 뉴스 미디어, STScI, 1991 Watzke. ciliary (sil'e-er''e) body 유머를 분비하는 눈의 맥락막 층의 일부. (1996) 중앙 이명 및 측면 억제 : 청각 brainstem 모델. 2001). 치수 선언자의 형식은 [lb :] ub입니다. 여기서 lb 및 ub는 상한 및 하한 차원 경계입니다.

승모판 막의 조직 도플러 심문은 초기 확장기 8ms의 종 방향 팽창 속도가 제한에 대한 수축을 선호한다는 것을 보여줍니다. 전립선 특이 항원 (PSA) 선별 검사를 통해 아직까지 전립선 암으로 인한 사망률이 거의 변하지 않았고, 초기 진단시 전이가 국소 적으로 국소화 된 질병으로 전이하는 것을 목격했다. 전립선 암 관련 사망의 주요 원인으로 남아 있습니다.

그것은 상인과 투자자가 프로파일의 힘과 그것에 수반 될 수있는 많은 이점을 소개합니다. 변수에 대해 음의 값을 고려해야합니다. 이 특수 설계된 프로그램은 하드 드라이브를 완전히 지우고 임의의 문자로 다시 채 웁니다. 주요 관찰이 설문 조사의 주요 결과는 프레임 워크의 각 요소 (또는 적어도 요소 중 5 개)에 대한 개별 방법의 강점과 약점을 강조하는 것이 었습니다.

이 질문에 대한 대답은 마르크스와 엥겔스가 기독교가 진퇴 양난에 얽매인 딜레마의 뿔에 붙어있는 것으로 보았 기 때문인 것으로 보인다. 정치적으로 소외되어야하며, 사회주의의 혁명적 비판적 계획과 진실되게 관련되어있는 한 진정으로 종교적이어야한다.

Kirsch, J. 진실한 백혈구 감소증의 빈도는 과거에 과장되었습니다. 대부분의 환자는 정상 범위 내에서 총 백혈구 수가 있습니다.

하지만 왼쪽 (전방 및 후방) 및 오른쪽 (전방 및 후방)의 두 가지 독립적 인 사운드 채널이 있기 때문에 진정한 4 계 시스템이 아닙니다. Tarskis World는 기능 기호를 이해하지 못하기 때문에 답변을 확인할 수 없습니다. 세 개의 대입 문과 루프를 나타내는 하나의 제어 구조가 있습니다. 뼈 이식에 관해서는 두 가지 가능성이 있습니다 : 피부 커버리지 (대장 피질골 이식의 사용은 피질 뼈가 공기 노출로 인한 피부 폐쇄를 필요로합니다) 및 해면골 이식 (피부 피복없는 Papineau 방법)의 두 가지 가능성이 있습니다.

회사는 델라웨어에 설립되었지만 코네티컷 주 그리니치에 본사를 둔 장기 자본 관리 (LTCM)로 구성되었습니다. 높은 다공성 다크론 이식 에탄 플러스 시스템 거래 계약 Dacron 그래프트와 ePTFE 그래프트 간의 다공성 변화에 대한 치유 반응과 관련하여 뚜렷한 차이가 있습니다.

또는 이미 업그레이드를 생각하고있는 베테랑입니다. 마이크로 프로세서 및 마이크로 컨트롤러 소개 예제 1 단계 2 단계 3 단계 오류가 하나있는이 수신 된 데이터를 수정합니다. 10 %); 3004 일반 모노 그래프 (커버 페이지)의 정보 섹션을 참조하십시오. 테크네튬 (99mTc) 콜로이드 성 유황 주입 EUROPEAN PHARMACOPOEIA 6.

92 70 6848. 폰 Graefewill는 fatherof로 간주됩니다. 글루코오스 5g 또는 수크로오스 27g WHO에서 권장하는 여러 가지 구강 수분 솔루션이 시중에서 구입할 수 있습니다. Allg. 035 0. 19는 SVC 증후군 환자와 SVC 증후군 환자 모두에서 2 년 생존율이 15 점임을 보여주었습니다.

대신 설치 과정에서 생성 된 사용자를 포함하여 특정 사용자가 에탄 플러스 시스템 거래 계약에 루트와 같은 권한을 허용 할 수 있습니다. 137 종교. 신호 후 10 번째 막대에서 가격이 여전히 느린 SMA (긴 항목 인 경우)보다 높고 11 일에 열리는 지 확인합니다.

MCM-L의 기질 (기본) 물질은 종종 에폭시, 시아 네이트 에스테르, 페놀, 폴리이 미드, 테플론 또는 아크릴 인 수지입니다.

저항 지표를 사용하여 forex 13-5 [cr.

외환 거래 세미나 런던.

플러스 합의 에테인 시스템 거래.

예, 오늘은이 세상입니다. 그리고이 문제가 해결 될지도 모릅니다. :)

더 강하고 더 긴 †"이 방법 당신은 우리의 새로운 약물 치료 후에 당신의 직립을 기술 할 것이다!

Oxine Makarovna Artemiev.

아주 좋은 주제.

발기 부전 .. 내가 처음 마주했을 때 나는 충격을 받았다! 제 아내도 마찬가지였습니다. 그러나 우리는 전쟁에서 승리했습니다!

아니, 이륙하지 않는다!

매우 유익한. 고맙습니다.

첫 입금 후.

첫 입금 후.

&부; 2017. 판권 소유. 에탄 플러스 시스템 거래 계약.

Forex vyznam.

에탄 플러스 시스템 거래 계약.

플럭스 거래 시스템.

모든 스마트 폰의 플럭스 데이터로 거래, 견적 및 모니터링 시스템. 모든 Android 기기의 시스템 차트. 여러 연구, 지표, 그리기 도구 및 오버레이를 차트에 구성 할 수 있습니다. 모든 차트에서 직책을 직접 거래하고 모니터링하십시오. 거래 플랫폼을 설계 한 다음 기대되는 거래 비용을보기 위해 비공개 수수료 가격 결정 계산기를 사용하십시오. 실제 시장 데이터를 수신하고 CTS의 모든 기능을 무위험으로 경험하십시오. 실시간 거래 및 전체 기능은 등록 시점으로부터 2 주 동안 유동적입니다. 실시간 거래를 시작하려면 시스템 플랫폼을 제공하는 정보 기관에 문의하십시오. 아래 링크를 클릭하면 해당 연락처 정보를 거래하는 라이선스가있는 고객 회사 목록을 찾을 수 있습니다. 매달 CTS 수수료를 추산하여 매월 거래되는 예상 거래 계약 수를 입력하고 기본 패키지 및 추가 기능을 선택하십시오. 도움말 시뮬레이터 등록을 다운로드하십시오. 솔루션 데스크탑 차트 옵션 Pro TradeSniper 시장 프로파일 시간 입력 Flux API 가격 책정 교육자 블로그 배경 고객 포털 선택 페이지에 문의하십시오. Trading, Charting, Analytics 및 Risk Systems 거래 방법, 원하는 곳의 거래 방법을 거래합니다. T4 Mobile 스마트 폰의 실시간 데이터로 거래, 견적 및 모니터링을 수행합니다. T4 차트 여러 연구, 지표, 그리기 도구 및 오버레이로 차트를 구성합니다. 경쟁력있는 가격 체계 거래 플랫폼을 설계 한 다음 시스템에 숨겨진 수수료없는 가격 책정 계산기를 사용하여 월간 예상 비용을 확인하십시오. 모바일 어디에서나 거래 할 수있는 통합 차트가있는 Android 앱을 다운로드하십시오. API CTS 백엔드 거래를 사용하여 자체 API를 만들면 타사 개발자를 통해 시스템을 구축 할 수 있습니다. 현재의 프로모션 시스템 Flu Today for Sim Today 실제 시장 데이터를 수신하고 CTS의 모든 기능을 무위험으로 경험하십시오. 라이브 거래를 원하십니까? 가격 계산 월당 예상 계약 수를 입력하고 기본 패키지 및 추가 기능을 선택하여 월간 CTS 요금을 계산하십시오. 위키 T4 데스크톱, 모바일 및 API에 대한 심층적 인 도움말 가이드 및 설명을 찾아보십시오. 동영상 YouTube 채널에서 유용한 동영상을보십시오. FAQ 자주 묻는 질문에 대한 대답을 읽으십시오. 도움말 연락처 블로그 뉴스 레터 프로모션 가격 솔루션 고객 포털 Flux. Facebook Twitter 커닝햄 트레이딩 시스템 LLC 저작권.

5 가지 생각 & Flux 거래 시스템 & rdquo;

Harackiewicz, Frances Joan (1990) 이방성 기판상의 마이크로 스트립 안테나로부터의 전자기 방사 및 산란.

프로젝트 계획을 게시판으로 번역하는 데 도움이되는 무료 워크 시트를 준비하십시오.

어린 소년 인 연사는 생존을 위해 굴뚝을 닦습니다.

스포츠는 폭력을 멈추고 사람들이 조화롭게 어울리는 것을 도울 수 있기 때문에 좋은 일입니다.

Inner Journey는 새로운 세대의 학생들과 연구자에게 영향력있는 융안의 심리학자를 소개 할 것입니다.

석유 화학 산업 프로필.

목차.

소개.

석유 화학은 천연 가스 처리 공장에서 얻은 천연 가스 액 (NGL)과 나프타 및 경유와 같은 정유 흐름의 두 공급 원료에서 주로 추출되는 유기 화학 물질의 범주입니다.

NGL (주로 에탄, 프로판 및 부탄)은 고온에서 "분해되어 에틸렌, 프로필렌, 부틸 렌 및 부타디엔의 기본 석유 화학 빌딩 블록을 산출합니다. 나프타 또는 경유와 같은 원유 기반의 공급 원료를 분해하면 에틸렌 부산물 인 프로필렌, 부틸 렌 및 부타디엔과 방향족 생성물 인 벤젠, 톨루엔 및 크실렌이 다른 부산물과 함께 더 높은 비율로 생성된다.

1 차 석유 화학 제품은 2 차 석유 화학 제품, 다른 화학 제품 또는 합성 수지를 형성하기 위해 중합 된 형태로 반응합니다. 이들은 차례로 다양한 산업 및 소비자 제품에 통합됩니다. 캐나다에서는 에틸렌이 가장 많이 사용되는 석유 화학 제품입니다. 에틸렌은 알버타, 온타리오, 퀘벡에서 생산되며 인근 공장에서 에틸렌 옥 시드, 에틸렌 글리콜, 에틸렌 디 클로라이드 및 염화 비닐 모노머와 같은 유도체를 만들고 폴리에틸렌, 폴리 염화 비닐, 폴리스티렌 및 합성 고무 등의 합성수지로 중합됩니다. 주요 석유 화학 제품의 상대적인 생산 수준은 그림 1에 나와 있습니다.

도표 1 : 관계되는 석유 화학 제품 생산 (톤 기초)

출처 : 캐나다 통계청, 혁신, 과학 및 경제 개발 캐나다 견적.

북아메리카 산업 분류 체계 (NAICS 32511)에서 석유 화학 제품의 정의는 "비 고리 (지방족) 탄화수소 및 고리 방향족 탄화수소"로 제한됩니다. 에탄, 부탄, 에틸렌, 프로필렌, 부틸 렌, 부타디엔, 벤젠, 톨루엔, 크실렌, 에틸 벤젠 및 스티렌. 그러나 캐나다에서 생산 된 많은 벤젠, 톨루엔 및 크실렌은 정유 공장에서 생산 된 스트림이기 때문에 이들의 생산량은 NAICS 32411 & # 8212; 석유 정유 공장. 유사하게, 대부분의 에탄과 부탄은 NAICS 32411에 포착 된 가스 추출 작업으로 생산됩니다.

산업의 구조와 성과.

캐나다의 석유 화학 산업은 2010 년에 62 ​​억 달러의 출하량을 보였으며 16 개의 제조 시설에 1060 명을 고용했습니다 (NAICS 32511 석유 화학 제품 페이지의 Principal Statistics 표 참조). 경기 침체로 인한 생산량 감소로 인해 업계는 2010 년에 큰 폭의 성장을 보였습니다. 캐나다에서 운영되는 대기업의 대다수는 전 세계 자회사 또는 합작 투자 회사를 운영하는 미국 및 유럽 다국적 기업의 소유입니다.

전체 제조 평균에 비해 그림 2는 석유 화학 산업이이 산업의 자본 집약성을 반영하여 직원 1 인당 생산량이 매우 높다는 것을 보여줍니다.

도표 2 : 직원 당 선적 (일정한 2002 년 캐나다 달러의 수천)

출처 : 캐나다 통계청.

이 산업은 그림 3의 모든 제조와 비교하여 높은 평균 급여 수준에 의해 입증 된 고도로 숙련 된 인력을 고용합니다.

도표 3 : 평균 급료 (일정한 2002 캐나다 달러의 수천)

출처 : 캐나다 통계청.

지역 클러스터.

캐나다의 석유 화학 공장은 그림 4와 같이 알버타, 온타리오 및 퀘벡에 집중되어 있습니다.

도표 4 : 설립의 지역 배급 (합계의 백분율)

출처 : 캐나다 통계청.

2010 년에는 석유 화학 제품 수출이 24 억 달러 였고 15 억 달러의 무역 흑자가 발생하여 수입이 9 억 달러를 기록했습니다. 무역 오리엔테이션의 추세를 그림 5에 나타냈다. 캐나다 수출은 2010 년 출하량의 39 %를 차지했으며 수입은 국내 시장의 19 %를 차지했다.

도표 5 : 무역 오리엔테이션 (합계의 백분율)

출처 : 캐나다 통계청.

미국으로가는 캐나다의 수출 비중은 1992 년의 64 %에서 2010 년에는 100 %로 증가했다. 미국으로부터의 수입 비중은 2010 년에 95 %였다. 미국과의 교역량이 강하게 우세한 것은 tariff advantage resulting from the North American Free Trade Agreement, and the impact that transportation has on competitiveness in a given market.

There are no tariffs on petrochemicals imported into Canada (for example, Canada's Most Favoured Nation tariff rate is 0 percent).

Globally, many leading petrochemical-producing countries participated in the Uruguay Round of multilateral trade negotiations under the General Agreement on Tariffs and Trade (GATT). Export tariffs from Canada into other countries are highly variable. For countries like Canada that have signed on to the Chemicals Tariff Harmonization Agreement (CTHA), all petrochemical tariffs will drop to 0 percent once the Agreement is fully implemented.

Relationship to Oil and Natural Gas.

Raw material and utilities constitute almost two thirds of petrochemical manufacturing costs. Low feedstock prices are, therefore, critical to the success of Canadian operations. Not only are oil and gas used as fuels, but they are also the source for most of the feedstocks used to produce petrochemicals.

Whereas oil has long been a globally-traded commodity and prices tend to be more or less equal in all regions, natural gas is a regional commodity, with wide variations in prices observed from one part of the world to another. Gas has only been transported from source to markets in situations where construction of a pipeline was economic. Liquified natural gas (LNG) opens up another option for moving gas from so-called stranded pools to markets, and thus moves natural gas closer to becoming a global commodity. At present less than 10 percent of global natural gas is moved as LNG and this ratio will need to become much higher before we start to see significant equalization of prices on a global scale. In North America, natural gas is currently abundant and relatively cheap. As a result, whenever possible North American petrochemical producers are using feedstocks obtained from natural gas. In most other parts of the world, where gas is not so abundant, oil is the dominant petrochemical feedstock.

과학 기술.

Access to technology is typically not an issue for this industry in Canada. For the most part, both the process and product technologies utilized are up-to-date, either as a result of in-house development or through licensing agreements with parent companies or other technology providers. Some of this technology has been developed in Canada, but the trend in this industry has been to centralize R&D activities close to the head office, and with the exception of NOVA Chemicals, all of the major research centres are outside Canada.

Against this general trend, Canada has had some limited successes in attracting niche R&D activity, driven by the fact that performing research in Canada is very cost effective. There is a good supply of qualified scientists engineers, and salary costs for this highly-skilled labour are lower than in other industrialized countries. Canada also offers more favourable tax treatment to R&D expenditures than other G7 countries. It is estimated that the cost of performing R&D in Canada is 18 percent lower than the comparable cost in the United States or Japan, and 40 percent lower compared to Germany.

Environmental Issues.

Canada's petrochemical industry, along with other chemical and related sectors, must deal with a variety of environmental issues being addressed by federal, provincial and municipal regulators, including:

control of odours release of toxic chemicals volatile organic compound (VOC) emissions generation of greenhouse gases emissions of contributors to acid rain (for example, NOx , SOx ) ozone depleting substances testing required prior to introduction of new substances land contamination storage and handling mishaps.

Canada–U. S. 비교.

The petrochemicals industries in Canada and the U. S. are structurally quite similar. In the U. S., the major petrochemical producing region is along the Gulf Coast in Texas and Louisiana. Figure 6 compares shipments per employee in the two countries on a constant Canadian dollar basis.

Figure 6: Canada–United States Comparison, Shipments Per Employee (thousands of constant 2002 Canadian dollars)

Source: Statistics Canada and U. S. Department of Commerce.

A portion of the Canadian industry is composed of subsidiary operations originally built largely to satisfy Canadian domestic demand, and thus were scaled to this market. With North American product rationalization resulting from the FTA , many of these multinational plants now serve North American markets, but in most cases these are still constrained from producing commodity products by virtue of their lack of size, and tend instead to focus on niche markets.

Figure 7 compares average salaries in the two industries.

Figure 7: Canada–United States Comparison, Average Salaries (thousands of constant 2002 Canadian dollars)

Source: Source: Statistics Canada and U. S. Department of Commerce.

Figure 8 shows gross margins (as a proxy for profitability) for the two industries.

Figure 8: Canada–United States Comparison, Gross Margins (percentage of total)

Source: Source: Statistics Canada and U. S. Department of Commerce.

Prospects for the Future.

Canadian facilities compete with producers based in the United States, notably with plants located along the U. S. Gulf Coast. Facilities in Ontario and Quebec are better situated than those on the Gulf Coast to supply the large customer base in the northeastern and central United States and Canada. Commodities manufactured in Alberta are largely shipped to central and western U. S. markets or offshore.

Global chemical companies are making most of their major new investments in the Middle East and Asia Pacific. New capacity has been drawn to the Middle East by low-cost feedstocks, and this production is destined for export markets in Asia and Europe. The attraction in Asia Pacific is proximity to booming markets. Despite a large increase in petrochemical capacity, Asia Pacific will remain a large net importer for the foreseeable future.

Most of the recent growth in the Canadian industry has occurred in Alberta, based almost exclusively on natural gas feedstocks. There are two main petrochemical complexes in the province. One at Fort Saskatchewan, near Edmonton, is an integrated petrochemical cluster based heavily on ethylene and derivative products that offers extensive pipeline inter-connections, large underground salt cavern storage capacity for hydrocarbons (raw materials and products), and nearby petroleum refineries for raw material acquisition and co-product exchange. The other complex at Joffre, near Red Deer, is an integrated cluster based exclusively on ethylene and derivatives. Joffre is connected to the Alberta Ethane Gathering System for feedstock supply, and is connected by pipeline to Fort Saskatchewan allowing for movement of product streams between the two centres. In Alberta today there is insufficient volumes of feedstock to support any major new investment. New developments are needed to change this scenario. Possible options are the import of feedstocks from neighbouring provinces or states, utilizing feedstocks from oil sands, and the development of northern gas.

In Ontario, Sarnia has an integrated petrochemical complex that provides petrochemical producers with large underground salt storage caverns, nearby petroleum refineries, extensive pipeline infrastructure, a tanker terminal for offshore shipments, and ready access to large U. S. and Canadian customers via excellent transportation networks. Most of the recent investment in Ontario has been to make existing manufacturing units more efficient through "debottlenecking". Efforts are currently underway to secure additional natural gas liquid feedstocks from the Marcellus shale gas formation. If successful, this could reinvigorate the petrochemical cluster in the Sarnia area.

In Quebec, the petrochemical industry is centred around Montréal and uses solely oil-based feedstocks. Crude oil arrives in Montréal by tanker or via pipeline from Portland, Maine. Although on a smaller scale than Sarnia, Montréal is also an integrated petrochemical complex that offers petroleum refineries, a tanker terminal for ocean shipments, and access to the markets of eastern and central Canada and the United States.

Major Firms.

Association.

The principal association representing petrochemical companies in Canada is the Chemistry Industry Association of Canada. The head office is located in Ottawa, with regional offices in Vancouver, Edmonton, Toronto and Montréal.

Glossary of Terms.

This helpful OPIS glossary can assist you in better understanding many oil industry terms.

# a b c d e f g h i j k l m n o p q r s t u v w x y z.

High volume (25,000 to 300,000 bbl) contractual agreements between oil companies dictating delivery of petroleum products or crude oil in the near future for an established sales price. Since this market reacts quickly, and is an alternative to wholesale sales, it provides a good indication of the direction of wholesale price trends.

5-Day Newsletter Average.

An average that appears in the OPIS weekly newsletter that includes closing averages for the prior Friday, Monday, Tuesday, Wednesday, and Thursday (except on certain holiday weeks). 5-day newsletter averages are ALWAYS gross.

Refers to the time frame that prices are effective for certain suppliers, from 6:00 p. m to 6:00 p. m the following day. This time for price changes differs from the standard 12:00 a. m. to 12:00 a. m. time change that most suppliers had used until the beginning of 2002. Prices are available to OPIS subscribers once the change is confirmed and shortly after the price change becomes effective, based upon local terminal times.

Abandonment Rule (Order490)

A FERC rule that allows producers and their pipeline purchasers with pre-granted "blanket" authority to abandon sales when the contract has expired or has been mutually renegotiated. It also allows the abandonment of an expired or renegotiated contract between one pipeline and another.

Account Executive.

An agent or broker representing a commission house, who generally takes and manages commodities futures and options orders, and often offers advice to trading clients.

Ad Valorem Tax.

A charge levied on persons or organizations based on the value of a transaction. It is normally a given percentage of the price at the retail or manufacturing stage and is a common form of sales tax; 예 : federal excise tax on new trucks and trailers.

Affiliated Marketer.

A marketing company that buys and resells gas and is owned either by an interstate pipeline, a local distribution company or a corporation that also owns either an interstate pipeline subsidiary or a local distribution company.

Alcohol and Alcohol Blends.

Family name of a group of organic chemical compounds composed of carbon, hydrogen and oxygen. Examples are methanol, ethanol and tertiary butyl alcohol. Alcohol and alcohol blends are added to gasoline in order to make it burn cleaner and boost octane.

Alkylate (Alkylation)

A refining operation that takes low value derivatives from the cat cracking and other processes and unites them in the presence of an acid catalyst to produce a very high octane, low vapor pressure gasoline blending component.

Alkylation Unit.

An oil refining unit in which propylene or butylene reacts with iso-butylene to yield a high octane gasoline blending component called alkylate. Alkylate helps improve the environmental qualities of gasoline – low vapor pressure, zero sulfur content, zero olefin content, zero benzene and a high octane number.

Allocation Method.

The method of limiting the volume of products that can be purchased from a supplier for a variety of reasons such as natural disasters, loss of delivery infrastructure or similar supply disruption.

Allowance for Funds Used During Construction (AFUDC)

A component of construction costs representing the net cost of borrowed funds and a reasonable rate on other funds used during the period of construction. AFUDC is capitalized until the project is placed in operation by concurrent credits to the income statement and charges to utility plant, based generally on the amount expended to date on the particular project. Effective Jan. 1, 1977, FERC amended the Uniform System of Accounts establishing formulas for maximum allowable AFUDC rates.

Allowed Rate of Return.

The rate of return that a regulatory commission allows on a rate base in establishing just and reasonable rates for a utility. It is usually based on the composite cost of financing rate base from debt, preferred stock, and common equity.

Alternate Delivery Procedures (ADP)

A provision of many energy futures contracts that allows for both sides of the futures market to make deliveries under terms and conditions which differ markedly from those described by the strict delivery rules. ADP's always occur following the expiration of contracts for the spot month, after deliveries have been matched.

American Gas Association (AGA)

An industry trade group representing natural gas utility companies.

American National Standards Institute (ANSI)

The coordinating organization for America's federated national standards system. The ANSI federation consists of nine hundred companies, large and small, and some two hundred trade, technical, professional, labor, and consumer organizations.

American Petroleum Institute (API)

A trade association comprised of larger, integrated oil companies that works for the common goals of the oil industry.

American Society of Testing Materials (ASTM)

Grade and quality specifications for petroleum products are determined by ASTM test methods.

Annual Quantity Entitlement (AQE)

The quantity of gas a buyer or shipper has nominated to receive on an annual basis from a pipeline.

Any Current Month.

OPIS prices labeled as "any current month" represent transactions for product that buyer and seller agree will be delivered at any time during the current calendar month.

Any Delivery (Any)

Spot market terminology for deliveries that can be made at any time during the month at the seller's discretion. Spot market prices will often be tied to the delivery stipulations termed prompt, outer month, or any month.

API Gravity.

Industry scale expressing the gravity or density of liquid petroleum products. The measuring scale is calibrated in terms of degrees API; it may be calculated in terms of the following formula: Degrees API = 141.5/ sp. gr.60°F/60°F -131.5. The higher the API gravity, the lighter the compound. Light crudes generally exceed 38 degrees API and heavy crudes are commonly labeled as all crudes with an API gravity of 22 degrees or below. Intermediate crudes fall in the range of 22 degrees to 38 degrees API gravity. Light crudes yield more gasoline.

API Inventory Figures.

A widely monitored body of data in the petroleum industry. This report compiles changes in domestic petroleum production, imports, refining, capacity and product movements into and out of primary storage. Traders use this information to access supply and demand on a weekto - week basis. These figures are usually released Tuesday afternoons. The release of these reports is often a catalyst for movement on the futures market.

The buying, selling, and exchange of petroleum products or crude oil in different markets with the express design to take advantage of location, product, and timing differentials. Traders looking to move U. S. Gulf Coast No. 2 oil to Rotterdam watch the arbitrage between Gulf Coast prices and the IPE, for example.

Hydrocarbons characterized by their uniform carbon ring structure and their often pleasant aroma. Commercial petroleum aromatics are benzene, toluene, and xylene. These three are often referred to by the acronym BTX. These chemicals are used as high octane components in gasoline. Aromatics have been judged to be undesirable in some finished motor fuels with various state and federal regulations geared toward reducing their levels. CARB diesel fuel in the state of California mandates a low aromatics composition. As Billed Rates - A policy requiring pipelines to flow through gas costs to their customers in the same manner as they are billed to the pipeline.

A dark-brown-to-black cement-like material containing bitumens as the predominant constituent obtained by petroleum processing; used primarily for road construction. It includes crude asphalt as well as the following finished products: cements, fluxes, the asphalt content of emulsions (exclusive of water), and petroleum distillates blended with asphalt to make cutback asphalts. Note: The conversion factor for asphalt is 5.5 barrels per short ton.

ASTM (American Society of Testing Materials)

Grade and quality specifications for petroleum products are determined by ASTM test methods.

At the Market Order.

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.

Atmospheric Crude Oil Distillation.

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.

Automated Meter Reading (AMR)

"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.

Aviation Gasoline (Finished)

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.

Aviation Gasoline Blending Components.

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 transaction that results in the transportation of gas in a direction opposite of the aggregate physical flow of gas in the pipeline. This is typically achieved when the transporting pipeline redelivers gas at a point(s) upstream from the point(s) of receipt. A backhaul condition will exist as long as the aggregate backhaul transactions total less than the aggregate forward haul transactions. A backhaul transaction can result in a delivery by non-delivery or cut back (reduction) of physical flow at a delivery point.

Backwardation.

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.

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.

Balancing Agreement.

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.

Balancing Tolerance.

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.

Term used as the standard measurement of volume for crude oil and large quantities of refined products in the petroleum industry. A unit of volume equal to 42 U. S. gallons - often abbreviated as bbl.

Barrels Per Calendar Day.

The amount of input that a distillation facility can process under usual operating conditions. The amount is expressed in terms of capacity during a 24-hour period and reduces the maximum processing capability of all units at the facility under continuous operation (see barrels per stream day) to account for the following limitations that may delay, interrupt, or slow down production: the capability of downstream facilities to absorb the output of crude oil processing facilities of a given refinery. No reduction in barrels per calendar day calculations are made when a planned distribution of intermediate streams through other downstream facilities is part of a refinery's normal operation; the types and grades of inputs to be processed; the types and grades of products expected to be manufactured; the environmental constraints associated with refinery operations; the reduction of capacity for scheduled downtime due to such conditions as routine inspection, maintenance, repairs, and turnaround; and the reduction of capacity for unscheduled downtime due to such conditions as mechanical problems, repairs, and slowdowns.

Barrels Per Stream Day.

The maximum number of barrels of input that a distillation facility can process within a 24-hour period when running at full capacity under optimal crude and product slate conditions with no allowance for downtime.

Gas in a storage reservoir which provides the pressure necessary for designed withdrawals of working gas. Also called cushion gas.

Market requirements that remain fairly constant over a period of time that usually are not temperature sensitive.

The difference between the price of the actual commodity (e. g. heating oil) and the price of the futures contract. Basis can be calculated by subtracting the futures price from the cash price. For example, if N. Y. Harbor physical heating oil is 60cts/gal and the futures price is 61cts/gal, the basis is 1ct/ gal. Also called basis differential.

Basis Risk.

Price exposure associated with variation in the relationship between a physical or cash price and the appropriate NYMEX reference. These risks may be associated with location, product specifications, and time variations.

A shipment of one type of product through a pipeline.

Bear Market (Bearish)

A market in which prices are declining.

Benchmark Crude.

A widely accepted grade of crude oil used as a standard in trading. Other grades would be traded at a price differential according to the quality differences. Examples would be WTI, Brent, Dubai and Arab Light.

Benzene (C6H6)

An aromatic hydrocarbon present in small proportion in some crude oils and made commercially from petroleum by the catalytic reforming of naphthenes in petroleum naphtha. Also made from coal in the manufacture of coke. Used as a solvent, in manufacturing detergents, synthetic fibers, and petrochemicals and as a component of high-octane gasoline.

입찰하고 물어보십시오.

Prices offered to buy and sell, respectively, on spot market deals. An interested party can sell at the bid and buy at the asked price. Spot prices are not reported as a straight number, but rather, in terms of bid and ask. OPIS editors derive an appropriate price from those to report a value that's representative of that market. Bid is what the buyer is willing to pay and ask is what the seller wants for the product.

Any fuel derived by a variety of processes from an organic source that is renewable, i. e. capable of being replenished naturally.

Blanket Certificate.

Certificate issued by FERC which authorizes open access transportation by interstate pipeline companies on behalf of others and certain services by local distribution companies and Hinshaw companies under blanket certificates (of public convenience and necessity) subject to certain conditions and reporting requirements.

Blending Plant.

A facility which has no refining capability but is either capable of producing finished motor gasoline through mechanical blending or blends oxygenates with motor gasoline.

A closed vessel in which a liquid is heated and/or vaporized. Often classified as to steam or hot water, low pressure or high pressure, capable of burning one fuel or a number of fuels.

Boiler Efficiency.

The ratio of the useful heat output to the heat input multiplied by 100 and expressed as a percent.

Boiler Rating.

The rating of a steam boiler expressed as the total heat transferred by the heating surfaces in Btu per hour. Sometimes also expressed in horsepower or pounds of steam per hour.

Bonded Petroleum Imports.

Petroleum imported and entered into Customs bonded storage. These imports are not included in the import statistics until they are: (1) withdrawn from storage free of duty for use as fuel for vessels and aircraft engaged in international trade; or (2) withdrawn from storage with duty paid for domestic use. Bonded fuel is typically exempt from import duties or fees.

The heaviest components of petroleum product left in the refining process after the light ends have been removed. These products include asphalt, coke and residuals.

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.

Branded Average.

An average of all branded suppliers, denoted with a (b) in the OPIS rack display. Calculated on a gross or net price basis.

A rapid and sharp price decline.

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.

British Thermal Unit (BTU)

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.

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 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.

Btu, Saturated (or Wet)

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 acronym for the commercial petroleum aromatics benzene, toluene, and xylenes. See individual categories for definitions.

Bulk Station.

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.

Bulk Terminal.

A facility used primarily for the storage and/or marketing of petroleum products which has a total bulk storage capacity of 50,000 bbls or more and/or receives petroleum products by tanker, barge or pipeline.

Bull Market (Bullish)

A market where prices are rising.

Bunker Fuel.

A heavier residual fuel oil used in a ship's boilers.

Butane (C4H10)

A normally gaseous straight-chain or branch-chain hydrocarbon extracted from natural gas or refinery gas streams. It includes normal butane and refinery-grade butane and is designated in ASTM specification D1835 and Gas Processors Association specifications for commercial butane.

Butylenes (C4H8)

An olefinic hydrocarbon recovered from refinery processes.

Buy-out Costs (buy-down costs)

Payments made by pipelines to producers to extinguish (buy-out) outstanding take-or-pay liabilities under existing contracts, or to reform (buy-down) the contracts.

Buyer’s Right of First Refusal.

In negotiating situations where the seller of gas has the right to solicit third-party bids for his gas, a right of first refusal provision gives the buyer of the gas the option of meeting the third party bid price and continuing the contract on such terms.

An auxiliary piping arrangement, generally to carry gas around specific equipment or an integral section of a piping system. A by-pass is usually installed to permit passage through the line while adjustments or repairs are made on the section which is by-passed. Also used to describe the circumvention of a local distribution company's distribution system to supply gas to a specific customer.

Short for convenience store, but also applying to retail gasoline outlets which sell convenience goods such as milk, cigarettes, soft drinks and bread.

전화 옵션.

Also referred to simply as a "call." Refers to an option that gives the buyer the right but not the obligation to buy a futures contract at a specific strike price.

Risk management program which, usually in exchange for an up front premium, offers a price ceiling for various size purchases of fuel. Caps are most commonly offered by suppliers who utilize petroleum futures options.

Captive Refinery Oxygenate Plants.

Oxygenate production facilities located within or adjacent to a refinery complex.

CARB Diesel.

Term which refers to the diesel standard mandated for sale by the California Air Resources Board. It includes tough standards for sulfur and for very low aromatics.

Carbon Intensity (CI)

The amount of carbon by weight emitted per unit of energy consumed. A common measure of carbon intensity is weight of carbon per British thermal unit (Btu) of energy. When there is only one fossil fuel under consideration, the carbon intensity and the emissions coefficient are identical. When there are several fuels, carbon intensity is based on their combined emissions coefficients weighted by their energy consumption levels.

Shipment of freight required to fill a rail car.

Carrying Charge.

The aggregate cost of storing a particular commodity, including, but not limited to, storage fees, cost of money, insurance, etc. Heating oil futures contracts often reflect carrying charges in the fall, leading forward months to trade at a premium to near-term positions.

Fresh Feeds: Crude oil or petroleum distillates which are being fed to processing units for the first time. Recycled Feeds: Feeds that are continuously fed back for additional processing.

Cash Market (Also Spot Market)

High volume (25,000 to 300,000 bbl) contractual agreements between oil companies dictating delivery of petroleum products or crude oil in the near future for an established sales price. Since this market reacts quickly, and is an alternative to wholesale sales, it provides a good indication of the direction of wholesale price trends.

Catalytic Cracking.

The refining process of breaking down via heat and pressure the larger, heavier and more complex hydrocarbon molecules into simpler and lighter molecules, primarily gasoline. Catalytic cracking is accomplished by the use of a catalytic agent and is an effective process for increasing the yield of gasoline from crude oil.

Catalytic Hydrocracking.

A refining process that uses hydrogen and catalysts with relatively low temperatures and high pressures for converting middle boiling or residual material to high-octane gasoline, reformer charge stock, jet fuel, and/or high grade fuel oil. The process uses one or more catalysts, depending upon product output, and can handle high sulfur feedstocks without prior desulfurization.

Catalytic Hydrotreating.

A refining process for treating petroleum fractions from atmospheric or vacuum distillation units (e. g. naphthas, middle distillates, reformer feeds, residual fuel oil, and heavy gas oil) and other petroleum (e. g. cat cracked naphtha, coker naphtha, gas oil, etc.) in the presence of catalysts and substantial quantities of hydrogen. Hydrotreating includes desulfurization, removal of substances (e. g. nitrogen compounds) that deactivate catalysts, conversion of olefins to paraffins to reduce gum formation in gasoline, and other processes to upgrade the quality of the fractions.

Catalytic Reforming.

A refining process using controlled heat and pressure with catalysts to rearrange certain hydrocarbon molecules, thereby converting paraffinic and naphthenic type hydrocarbons (e. g. low-octane gasoline boiling range fractions) into petrochemical feedstocks and higher octane stocks suitable for blending into finished gasoline. Catalytic reforming is reported in two categories. 그들은:

Low Pressure: A processing unit operating at less than 225 pounds per square inch gauge (PSIG) measured at the outlet separator. High Pressure: A processing unit operating at either equal to or greater than 225 pounds per square inch gauge (PSIG) measured at the outlet separator.

CBOB (Conventional Blendstock for Oxygenate Blending)

Conventional gasoline blendstock intended for blending with oxygenates downstream of the refinery where it was produced. CBOB must become conventional gasoline after blending with oxygenates. Motor gasoline blending components that require blending other than with oxygenates to become finished conventional gasoline are reported as All Other Motor Gasoline Blending Components. Excludes reformulated blendstock for oxygenate blending (RBOB).

A measure of the ignition quality of a diesel fuel. Regular diesel generally has a cetane number of 40-45 while most premium cetanes have numbers between 45-50.

Chain Marketer.

An independent marketer who retails gasoline through a chain of private branded gasoline or motor fuel outlets that are staffed with their own workers (company-ops).

Charge Capacity.

The input (feed) capacity of the refinery processing facilities.

VIII Trucks - Classification by Gross Vehicle Weight:

I: 6,000 lbs. or less II: 6,001-10,000 lbs. III: 10,001-14,000 lbs. IV: 14,001-16,000 lbs. V: 16,001-19,500 lbs. VI: 19,501-26,000 lbs. VII: 26,001-33,000 lbs. VIII: 33,001 lbs. or more.

Clearing Member.

Term which applies to a member or a member firm of the NYMEX who has met the capital requirements to become a member of the clearing house and can accept and manage trades executed on the floor. All trades have to eventually go through a clearing member, and it is the member's ultimate responsibility to guarantee performance.

The short period at the end of a futures trading session each day at which the closing price range is established.

COFC (Container On (Rail) Flat Car)

A form of intermodal movement of freight.

An oil refining unit in which heavy feed such as flasher bottoms, cycle oil from a fluid catalytic cracker, or thermal cracked gas oil is subjected to high temperatures. This causes the feed to crack, creating light oils. Coke – solid, densely packed carbons – builds up in the reactors of the unit and periodically needs to be removed.

Term which refers to a futures or derivatives program where the buyer locks in a price ceiling, but also a price floor. A trucking company which caps its autumn price at 60cts/gal but only shares in downward moves to 50cts/gal has utilized a "collar" program from its supplier.

Combination Vehicle.

An equipment configuration which includes a separate power unit (tractor) and at least one trailer.

Commercial Trailer.

A trailer used to handle freight in the transportation of goods for others; excludes house trailers, light farm trailers and car trailers.

Commercials.

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.

Commingling.

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.

Commission House.

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.

상품 풀 운영자 (CPO)

Term which applies to a group which pools money to trade commodities; the commodities version of a mutual fund.

Common Carrier.

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.

Condensate.

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.

Congested Market.

A period of repetitious and limited price fluctuations within a tight trading range.

Term that describes a market which features higher prices for more distant delivery. If prompt crude is $18/bbl and delivery two months hence is $19/bbl, the market is said to be in contango. Contango market typically suggests cheaper prices in the near-term because of oversupply or other signs of market weakness.

Conversion Refining Capacity.

The ability to perform those processes in gasoline production that adds octane. This process is considered more complex than basic distillation.

상관 계수.

A statistical factor measuring how well any two markets (i. e. a cash market and a futures market) move in unison. A correlation coefficient of 1 would indicate a perfect 1-to-1 relationship.

Cost of Carry.

The cost to physically store crude or petroleum products, including storage fees, insurance, inspections and capital costs.

A pricing mechanism, commonly used by transportation firms. Takes an OPIS average, adds in a specific "cost" (i. e. freight or a mark-up) to create a buying price.

To close out a long or short futures position.

균열 확산.

Term applied to the differential between what a typical refined products mix would yield, and the value of crude. The common crack spread features a per bbl reference derived of 66.6% unleaded gasoline and 33.4% No. 2 oil. The resulting average is compared to the WTI number for the resulting "crack spread." Crack spreads of 3:2:1 use three parts gasoline, two parts of distillate to one part of crude.

Crude Distillation Unit.

An oil refinery unit that separates crude oil into different products according to their individual boiling point ranges. Distillation allows for the materials to be separated without being subjected to conditions that would cause cracking or decomposition.

The primary feedstock used to make gasoline, diesel, jet, residual fuel and other finished petroleum products. A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include: Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casinghead) gas in lease separators and are subsequently commingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included. Small amounts of nonhydrocarbons produced from oil, such as sulfur and various metals. Drip gases, and liquid hydrocarbons produced from tar sands, gilsonite, and oil shale. Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content.

Crude Oil Losses.

Represents the volume of crude oil reported by petroleum refineries as being lost in their operations. These losses are due to spills, contamination, fires, etc. as opposed to refinery processing losses.

Crude Oil Production.

The volume of crude oil produced from oil reservoirs during given periods of time. The amount of such production for a given period is measured as volumes delivered from lease storage tanks (i. e. the point of custody transfer) to pipelines, trucks, or other media for transport to refineries or terminals with adjustments for (1) net differences between opening and closing lease inventories, and (2) basic sediment and water (BS&W).

Crude Oil Qualities.

Refers to two properties of crude oil, the sulfur content and API gravity, which affect processing complexity and product characteristics.

Crude Oil, Refinery Receipts.

Receipts of domestic and foreign crude oil at a refinery. Includes all crude oil in transit except crude oil in transit by pipeline. Foreign crude oil is reported as a receipt only after entry through customs. Crude oil of foreign origin held in bonded storage is excluded.

Crude Unit.

The initial refining operation in which the basic cuts of fuel are distilled out of crude oil.

Current Delivery Month.

The futures contract date closest to expiration. Contracts are usually referred to by month (i. e. September Crude refers to crude contracts that are to be delivered in September).

Daily Closing Average.

An average of all rack suppliers (without those denoted as out of product), calculated for either gross or net. Calculated no later than 5:59 p. m. EST daily and published with OPIS rack displays.

Daily Contract Average.

An average of all rack suppliers (with the exception of those denoted as out of product), calculated either as a gross or net average. Calculated at approximately 10:00 a. m. ET daily to allow time for our pricing specialists to do a validation check on the data. Daily contract average is frozen for 24 hours, generally from 10:00 a. m. to 10:00 a. m. for contract reconciliation purposes. Branded and unbranded averages are also available.

Type of order to purchase or sell a futures contract where the order is valid for one day unless you specify otherwise.

The purchase and sale of a futures or option contract during the same business day. Much of the activity of locals is focused around day trading.

Dealer Tankwagon (DTW)

The price that the dealer pays to its supplier, usually a jobber or refiner. Dealer prices are usually higher than rack prices because they include transportation costs. A tankwagon is the actual vehicle that the supplier or jobber uses to transport product to the dealer.

Deferred Futures.

Contracts that will mature beyond the current delivery month. Also called distant or back contracts.

Degree Days.

The number of degrees per day that the daily average temperature is above 65 degrees Fahrenheit. The daily average temperature is the mean of the maximum and minimum temperature for a 24-hour period.

Delayed Coking.

A process by which heavier crude oil fractions can be thermally decomposed under conditions of elevated temperatures and pressure to produce a mixture of lighter oils and petroleum coke. The light oils can be processed further in other refinery units to meet product specifications. The coke can be used either as a fuel or in other applications such as the manufacturing of steel or aluminum.

Delivered Spot.

Detailed estimates of rack replacement costs using spot prices and including pipeline tariff costs, shrinkage fees, proprietary additive fees plus other miscellaneous costs.

The satisfaction of a futures contract by the tendering of the actual physical commodity.

Department of Energy (DOE)

The U. S. federal government agency establishing programs and policies regarding national energy matters; includes the Energy Information Administration (EIA), a division that compiles data on petroleum supply and demand on a weekly and monthly basis.

파생 상품.

General term used to describe the class of futures-related instruments offered by oil companies, banks, large brokerage houses, etc. These programs are derived from general futures contracts, but often are tailor-made to individual market and company needs. Example: an oil company offering a price cap for No. 2 oil rack prices in Atlanta that's tied to an OPIS average is offering a derivative. These can be "wet," featuring actual physical purchases, or "paper," where only money exchanges hands.

Desulfurization.

The removal of sulfur, as from molten metals, petroleum oil, or flue gases. Petroleum desulfurization is a process that removes sulfur and its compounds from various streams during the refining process. Desulfurization processes include catalytic hydrotreating and other chemical/physical processes such as adsorption. Desulfurization processes vary based on the type of stream treated (e. g. naphtha, distillate, heavy gas oil, etc.) and the amount of sulfur removed (e. g. sulfur reduction to 10 ppm). See also Catalytic Hydrotreating.

Diesel Exhaust Fluid (DEF)

A urea solution used in Selective Catalytic Reduction (SCR) to lower nitrogen oxide (NOx) concentration in the exhaust emissions from diesel engines.

Disposition.

The components of petroleum disposition are stock change, crude oil losses, refinery inputs, exports, and products supplied for domestic consumption.

Distillate.

Includes No. 1, No. 2 and No. 4 fuel oils, and No. 1, No. 2 and No. 4 diesel fuels. These are light fuel oils used for home heating, as a diesel engine fuel (including railroad engine fuel and fuel for agricultural machinery), and for electric power generation. No. 1 diesel fuel: A light distillate fuel oil that has distillation temperatures of 550 degrees F at the 90-percent point and meets the specifications defined in ASTM Specification D 975. It is used in high speed diesel engines generally operated under frequent speed and load changes, such as those in city buses and similar vehicles. No. 1 fuel oil: A light distillate fuel oil that has distillation temperatures of 400 degrees F at the 10-percent recovery point and 550 degrees F at the 90-percent point and meets the specifications defined in ASTM Specification D 396. It is used primarily as fuel for outdoor stoves and portable outdoor heaters. No. 2 diesel fuel: A fuel oil that has distillation temperatures of 500 degrees F at the 10-percent recovery point and 640 degrees at the 90-percent recovery point and meets the specifications defined in ASTM Specification D 975. It is used in high speed diesel engines generally operated under uniform speed and load conditions, such as those in railroad locomotives, trucks and automobiles. Low-sulfur No. 2 diesel fuel: No. 2 diesel fuel that has a sulfur level less than 500 ppm used primarily in power engines used for off-highway use, typically at construction sites, etc. High-sulfur No. 2 diesel fuel: No. 2 diesel fuel that has a sulfur content greater than 500 ppm and used mainly for home heating oil in northeastern U. S. markets. No. 2 fuel oil (heating oil): A distillate fuel oil that has distillation temperatures of 400 degrees F at the 10-percent recovery point and 640 degrees F at the 90-percent recovery point and meets the specifications defined in ASTM Specification D 396. It is used in atomizing type burners for domestic heating or for moderate capacity commercial/industrial burner units. No. 4 fuel: A distillate fuel oil made by blending distillate fuel oil and residual fuel oil stocks. It conforms with ASTM Specification D 396 and is used extensively in industrial plants and in commercial burner installations that are not equipped with preheating facilities. No. 2 ultra-low-sulfur: No. 2 ultra-low sulfur has a sulfur content of less than 15 ppm and must be used to supply at least 80% of the nations on-road diesel fuel sold at the retail level as of October 15, 2006. In addition to clear No. 2 ultra-low sulfur, OPIS also provides pricing for red dye, premium, low emissions and winter grades of ultra-low sulfur diesel fuels. All of the OPIS ultra-low sulfur diesel products are understood to include lubricity. No. 2 low-sulfur: Clear low-sulfur (LS No. 2) diesel has a sulfur content up to 500 ppm and can be used for up to 20% of the nations on-road diesel fuel sold at the retail level. In addition to clear No. 2 low-sulfur, OPIS also provides pricing for red dye, premium, winter, low-emissions diesel and lubricity grades of low-sulfur diesel fuels. No. 2 high-sulfur: Clear high-sulfur No. 2 diesel is used as an off-road fuel for equipment such as farm machinery or home heating oil. No. 1 low-sulfur: Clear low-sulfur fuel is commonly used for blending onroad fuels. Diesel is blended during winter months to create a diesel fuel that will not solidify or gel in colder temperatures. No. 1 high-sulfur: Clear high-sulfur is used for various off-road agricultural and industrial purposes. Crop drying ovens is one example. Kerosene: Kerosene has a lower freeze point, lower flash point and lower pour point. Premium diesel: The higher cetane rating is what makes a regular diesel a premium diesel, along with some type of detergent package that serves to clean the engine as the fuel is burned. Cetane is to diesel what octane is to gasoline. Premium diesel typically has a minimum 45 cetane rating, whereas regular diesel is closer to a 38 to 40 cetane rating. Red dye: Diesel fuel is dyed red to denote it is being used for tax-exempt purposes. by a tax-exempt entity (school boards, etc.). There is no difference in red-dyed product specifications. Red-dyed prices typically are 0.25 to 0.35cts higher than clear prices to recoup the charge for the dye and dying process. Winter diesel: During the winter months, on-road diesel fuels may be blended with other diesel fuels or chemical additives to produce a Winter diesel that will not begin to solidify or gel due to cold temperatures. OPIS also provides pricing for red dye, premium, and lubricity grades of winter diesel fuels. Lubricity: Several states have mandated the use of a lubricity additive in several on-road low-sulfur diesel fuels. OPIS provides separate pricing displays for low-sulfur and low-sulfur with lubricity products. Diesel postings which may include lubricity are low-sulfur, red dye, winter and premium diesel products. Since all ultra-low sulfur products must have a lubricity component, it is not necessary to maintain a separate lubricity product grouping within ultra-low sulfur products. Low-emissions diesel: Beginning in October 2005, 110 counties in East/ Central Texas required the use of low-emissions diesel or LED in both onroad vehicles and in non-road agricultural and construction equipment. LED diesel must contain less than 10% by volume of aromatic hydrocarbons and must have a cetane number of 48 or greater. Biodiesel: Made from renewable resources like soybeans and other natural fats and oils. It works in any diesel engine with few or no modifications. It can be used in pure form (B100) or blended with petroleum diesel at any level. Some states are now mandating the use of biodiesel.

Distillation.

The most basic refining operation that heats the crude oil and condenses the cuts in a fractionating column in order to separate the various petroleum products for further processing.

Downstream.

Term applying to functions or facilities closer to the end user. Refining, marketing and transportation are generally downstream processes in the oil patch while exploration and production are upstream. However, the term also applies to any function or facility below the point of reference: retailing is downstream of terminaling.

Dual Trading.

The practice by which a floor broker can trade for both his own account and execute orders for off-the-floor customers. Some contend that dual trading leads to the illegal practice of front-running, where unscrupulous individuals can trade for their account ahead of a large order from another customer.

전자 거래.

A futures trading system that automatically matches buyers and sellers through a computerized system, as opposed to the current open outcry system.

The ultimate consumer of petroleum products; most commonly used in connection with large industrial or utility consumers.

Ending Stocks.

Primary stocks of crude oil and petroleum products held in storage as of 12 midnight on the last day of the month. Primary stocks include crude oil or petroleum products held in storage at (or in) leases, refineries, natural gas processing plants, pipelines, tank farms, and bulk terminals that can store at least 50,000 barrels of petroleum products or that can receive petroleum products by tanker, barge, or pipeline. Crude oil that is in-transit by water from Alaska, or that is stored on Federal leases or in the Strategic Petroleum Reserve is included. Primary stocks exclude stocks of foreign origin that are held in bonded warehouse storage.

Energy Information Administration (EIA)

A division of the Department of Energy that compiles data on petroleum supply and demand on a weekly and monthly basis. These figures are not as timely as API statistics, but are considered more accurate.

ETBE (Ethyl tertiary butyl ether) (CH3)3COC2H5.

An oxygenate blend stock formed by the catalytic etherfication of isobutylene with ethanol.

Ethane (C2H6)

A normally gaseous straight-chain hydrocarbon. It is a colorless paraffinic gas that boils at a temperature of -127.48 degrees Fahrenheit. It is extracted from natural gas and refinery gas streams.

An alcohol which is most often derived from corn. Ethanol is designed to be blended with gasoline to produce a cleaner burning fuel, and is an accepted oxygenate component for the oxygenated seasons mandated by the EPA.

A generic term applied to a group of organic chemical compounds composed of carbon, hydrogen, and oxygen, characterized by an oxygen atom attached to two carbon atoms (e. g. methyl tertiary butyl ether).

Ethylene (C2H4)

An olefinic hydrocarbon recovered from refinery processes or petrochemical processes. Ethylene is used as a petrochemical feedstock for numerous chemical applications and the production of consumer goods.

물리학 선물환 교환 (EFP)

Another means of making delivery in the futures market. EFP's would allow for a delivery of physical product that doesn't necessarily conform to NYMEX specifications (delivery at say, Baltimore). Terms can vary across a broad spectrum including location, time, and product specifications.

Shipments of crude oil and petroleum products from the 50 States and the District of Columbia to foreign countries, Puerto Rico, the Virgin Islands, and other U. S. possessions and territories.

Any of the raw or semifinished materials which move to the various units of a refinery or petrochemical plant. Crude is a feedstock, but the term is mainly used to describe raw materials after the distillation process which in turn go on to more sophisticated units at the refinery. VGO, catfeed, naphtha, condensate and straight run residual fuel are commonly referred to as feedstocks.

Field Production.

Represents crude oil production on leases, natural gas liquids production at natural gas processing plants, new supply of other hydrocarbons/oxygenates and motor gasoline blending components, and fuel ethanol blended into finished motor gasoline.

Flexicoking.

A thermal cracking process which converts heavy hydrocarbons such as crude oil, tar sands bitumen, and distillation residues into light hydrocarbons. Feedstocks can be any pumpable hydrocarbons including those containing high concentrations of sulfur and metals.

Floor Broker.

An exchange member who executes orders for futures contracts in the trading pit.

Floor Trader.

Trader in a futures pit that executes trades solely for his own account.

Fluid Catalytic Cracker (FCC)

An oil refining unit in which a catalyst combines with a vacuum gas oil range feedstock at high temperatures to cause a reaction. This is the most popular design for catalytic cracking in a refinery, and it produces mostly gasoline and some distillate products.

Fluid Coking.

A thermal cracking process utilizing the fluidized-solids technique to remove carbon (coke) for continuous conversion of heavy, lowgrade oils into lighter products.

Terms of a transaction where the seller agrees to make the product available within an agreed-upon time period at a given location. Any subsequent costs are the responsibility of the buyer.

Force Majeure.

The legal cancellation of a delivery obligation due to the occurrence of natural acts beyond the direct control of the seller (i. e. operating problems with tankers or refineries or weather disruptions).

Forward Market.

Cash market (non-exchange) commitment to delivery of petroleum products or crude at a set price for futur e delivery (i. e. a fixed price contract).

Fractionation Plant.

A processing plant that separates hydrocarbon mixtures based on the vapor pressures of its component molecules, either by adding heat (distillation) or removing heat (condensation); products such as propane, butane, and ethane are produced in this process.

The different cuts of petroleum products that come off a distillation column contingent on their volatility or boiling range. Fractions are essentially crude cut points at different boiling ranges that produce the various finished products.

Fresh Feed Input.

Represents input of material (crude oil, unfinished oils, natural gas liquids, other hydrocarbons and oxygenates or finished products) to processing units at a refinery that is being processed (input) into a particular unit for the first time. Examples: Unfinished oils coming out of a crude oil distillation unit which are input into a catalytic cracking unit are considered fresh feed to the catalytic cracking unit. Unfinished oils coming out of a catalytic cracking unit being looped back into the same catalytic cracking unit to be reprocessed are not considered fresh feed.

Front-running.

Illegal practice where a floor broker executes an order for his own account before executing an order for a customer, with the intent of getting ahead of a market move precipitated by the customer's order. A broker who went long 10 contracts of December crude just before he executed a buy order for 500 contracts would be "front-running." The audit trail,

Fuel Ethanol (C2H5OH)

An anhydrous denatured aliphatic alcohol intended for gasoline blending as described in oxygenates definition.

Fuels Solvent Deasphalting.

A refining process for removing asphalt compounds from petroleum fractions, such as reduced crude oil. The recovered stream from this process is used to produce fuel products.

기본 분석.

Analysis derived from actual supply and demand factors such as inventories, refinery operations, physical buying patterns, or disruptions in the supply and distribution chain. Contrasts with technical analysis.

기초.

Pricing analysis based on supply and demand factors for any particular market.

Term which refers to the likeness or least interchangeability of a petroleum product. Material shipped on a pipeline must be fungible, i. e. have a common set of specifications acceptable to various shippers, and the same holds true for futures contracts. The less fungible the product, the less likely it is to succeed in the futures arena and the more problem it is likely to create in the distribution process. Various elements of the Clean Air Act have made several petroleum products less fungible.

Furnace Oil.

Canadian term used to describe high-sulfur No. 2 oil. Furnace oil in Canada is the equivalent of our high-sulfur, off-road, or home heating oil.

A standardized contract for the future purchase or sale of a commodity on a formalized exchange.

Futures Margin.

A deposit required of futures participants that guarantees assurance of performance. Funds are on hand to assure that the buyer or seller makes good on any losses that might accrue on his position. Margin deposits are a sort of futures performance bond.

Measurement of volume in the oil industry (42 gallons = 1 barrel).

A blend of finished motor gasoline containing alcohol (generally ethanol but sometimes methanol) at a concentration of 10% or less by volume. Data on gasohol that has at least 2.7% oxygen, by weight, and is intended for sale inside carbon monoxide nonattainment areas are included in data on oxygenated gasoline. See also Oxygenates.

Commonly, the European term used for diesel fuel and heating oil.

A complex mixture of relatively volatile hydrocarbons with or without small quantities of additives, blended to form a fuel suitable for use in sparkignition engines. Motor gasoline, as defined in ASTM Specification D 4814, is characterized as having a boiling range of 122 to 158 degrees F at the 10-percent recovery point to 365-374 degrees F at the 90-percent recovery point. Conventional gasoline: Finished motor gasoline not included in the oxygenated or reformulated gasoline categories. Note: This category excludes reformulated gasoline blendstock for oxygenate blending (RBOB) as well as other blendstock. OPRG: "Oxygenated Fuels Program Reformulated Gasoline" is reformulated gasoline which is intended for use in an oxygenated fuels program control area. Oxygenated gasoline (including gasohol): Oxygenated gasoline includes all finished motor gasoline, other than reformulated gasoline, having oxygen content of 2.0% or higher by weight. Gasohol containing a minimum 5.7% ethanol by volume is included in oxygenated gasoline. Oxygenated gasoline was reported as a separate product from January 1993 until December 2003 inclusive. Beginning with monthly data for January 2004, oxygenated gasoline is included in conventional gasoline. Historical data for oxygenated gasoline excluded Federal Oxygenated Program Reformulated Gasoline (OPRG). Historical oxygenated gasoline data also excluded other reformulated gasoline with a seasonal oxygen requirement regardless of season. Reformulated gasoline: Finished gasoline formulated for use in motor vehicles, the composition and properties of which meet the requirements of the reformulated gasoline regulations promulgated by the U. S. Environmental Protection Agency under Section 211(k) of the Clean Air Act. It includes gasoline produced to meet or exceed emissions performance and benzene content standards of federal-program reformulated gasoline even though the gasoline may not meet all of the composition requirements (e. g. oxygen content) of federal-program reformulated gasoline. Reformulated gasoline excludes Reformulated Blendstock for Oxygenate Blending (RBOB) and Gasoline Treated as Blendstock (GTAB). Historical reformulated gasoline statistics included Oxygenated Fuels Program Reformulated Gasoline (OPRG). Reformulated (blended with ether): Reformulated gasoline blended with an ether component at a terminal or refinery to raise the oxygen content. Reformulated (blended with alcohol): Reformulated gasoline blended with an alcohol component (e. g. fuel ethanol) at a terminal or refinery to raise the oxygen content. Reformulated (non-oxygenated): Reformulated gasoline without added ether or alcohol components.

Gasoline Blending Components.

Naphthas which will be used for blending or compounding into finished aviation or motor gasoline (e. g. straightrun gasoline, alkylate, reformate, benzene, toluene, and xylenes). Excludes oxygenates (alcohols, ethers), butane, and natural gasoline.

A global automated trade execution system (see electronic trading) created by the Chicago Merc and Reuters. The New York Mercantile Exchange approved the implementation of this system to supplement pit trading after hours.

Price not inclusive of prompt payment discounts.

Gross Average.

An average of all suppliers, calculated without the deduction of any pre-payment terms.

Gross Input To Atmospheric Crude Oil Distillation Units.

Total input to atmospheric crude oil distillation units. Includes all crude oil, lease condensate, natural gas plant liquids, unfinished oils, liquefied refinery gases, slop oils, and other liquid hydrocarbons produced from tar sands, gilsonite, and oil shale.

Group 3 Spot Market.

Spot market vernacular for a Midwest delivery. It specifically entails delivery of finished products along key pipelines serving the Midwest markets from the Gulf Coast through the Plains States of Oklahoma, Missouri, Kansas, Iowa, Nebraska, Minnesota, South Dakota and North Dakota. Group 3 is the oil refining and distribution system serving these markets.

GTAB (gasoline treated as blendstock)

Non-certified foreign refinery gasoline classified by an importer as blendstock to be either bl ended or reclassified with respect to reformulated or conventional gasoline. GTAB is classified as either reformulated or conventional based on emissions performance and the intended end use.

Gulf Coast Spot Market.

Large volume transactions (from 25,000 barrels to full tankers of petroleum products) bought or sold for a stipulated delivery in the near future. Although this market might entail several pipeline or waterborne transaction points in the Texas and Louisiana area, unless specified otherwise, it reflects the delivery of the product the same month at a Pasadena, Texas, origin on Colonial Pipeline. Gulf Coast barrels can also move into the Midwest via the TEPPCO Enterprise Pipeline.

Heating Oil.

A distillate used for home or commercial heating. Widely used as a synonym for No. 2 home heating oil.

Heavy Gasoil.

Petroleum distillates with an approximate boiling range from 651 degrees Fahrenheit to 1000 degrees Fahrenheit.

Oil industry participant who takes a futures, options, or derivatives position opposite that of a position held in the cash or contract market. A refiner who sells 500 forward gasoline contracts against his future production is hedging. A hedger is looking to reduce risk in exchange for a guaranteed margin, but he may forego larger profits in reducing his exposure.

The initiation of an opposite futures position to protect a cash market position from an adverse price movement. Hedging is essentially the act of managing price risks in the physical markets using oil futures pricing instruments.

역사적 변동성.

The annualized standard deviation of percent variation in futures prices over a specific period of time; an indicator of past v olatility in the marketplace.

Hydrocracker.

An oil refining process in which light or heavy gas oils or residue hydrocarbons are mixed with hydrogen under conditions of high temperature and pressure in the presence of a catalyst, yielding light oils.

Hydrocracking.

A refining process for converting middle distillates to high octane gasoline, jet fuel, or high grade diesel through the introduction of a hydrogen catalyst under very high pressure.

The lightest of all gases, occurring chiefly in combination with oxygen in water; exists also in acids, bases, alcohols, petroleum, and other hydrocarbons.

The lightest of all gases, occurring chiefly in combination with oxygen in water; exists also in acids, bases, alcohols, petroleum, and other hydrocarbons.

Hydrotreater.

A refining unit whereby processed material from the crude units are treated in the presence of catalysts and hydrogen, often to remove sulfur and other unwanted substances. The hydrotreater is often the critical unit for producing jet fuel and low-sulfur diesel.

Idle Capacity.

The component of operable capacity that is not in operation and not under active repair, but capable of being placed in operation within 30 days; and capacity not in operation but under active repair that can be completed within 90 days.

내재적 인 변동성.

A measurement of the market's expected price range and variation for the underlying commodity futures based on market traded options premiums. Differs from historical volatility that lists annualized standard deviation of percent changes in futures prices over a specific period.

Imported Crude Oil Burned As Fuel.

The amount of foreign crude oil burned as a fuel oil, usually as residual fuel oil, without being processed as such. Imported crude oil burned as fuel includes lease condensate and liquid hydrocarbons produced from tar sands, gilsonite, and oil shale.

Receipts of crude oil and petroleum products into the 50 States and the District of Columbia from foreign countries, Puerto Rico, the Virgin Islands, and other U. S. possessions and territories.

In the Money Option (Calls)

Refers to an option where the futures price has exceeded the strike price on which it is based. An option to buy December heating oil at 60cts/gal is "in the money" when December heating oil futures move above 60cts/gal. A put option for 60cts/gal would be "in the money" if the futures price is under the 60cts/gal strike price.

초기 증거금.

Funds required to establish a new position. Exchanges set minimums depending on volatility, market conditions, etc. and the brokerage firm may set margins above these exchange minimums. Margins for a would-be speculator are much higher than for a bona fide hedger.

Integrated Oil Company.

A company involved in all aspects of the petroleum business from wellhead crude production to retail sales of refined petroleum products.

A mixture of petroleum products occurring when batches of different products are shipped consecutively through a pipeline. Interface oil is re-refined into gasoline and diesel.

Intermodal Transportation.

Transportation movement involving more than one mode (e. g. rail/motor, motor/air, or rail/water).

International Energy Agency (IEA)

An agency in Paris, France, which tracks energy statistics and information on an international level.

International Petroleum Exchange (IPE)

Based in London, it is the European equivalent of the NYMEX. IPE operates an exchange which trades Brent and gasoil (heating oil) futures among other energy contracts.

본질적 가치.

The amount by which an options contract is in the money. A 60cts/gal call option would have 2cts/gal of intrinsic value if the underlying futures price were 62cts/gal.

중개인 소개 (IB)

A firm that solely solicits or accepts orders for the purchase or sale of futures contracts or options.

Inverted Market (inversion)

Term that describes a rack market where unbranded prices move above branded prices due to a supply disruption or similar cause.

Isobutane (C4H10)

A normally gaseous branch-chain hydrocarbon. It is a colorless paraffinic gas that boils at a temperature of 10.9 degrees Fahrenheit. It is extracted from natural gas or refinery gas streams.

Isobutylene (C4H8)

An olefinic hydrocarbon recovered from refinery processes or petrochemical processes.

Isohexane (C6H14)

A saturated branch-chain hydrocarbon. It is a colorless liquid that boils at a temperature of 156.2 degrees Fahrenheit.

Isomerization.

A refining process which alters the fundamental arrangement of atoms in the molecule without adding or removing anything from the original material. Used to convert normal butane into isobutane (C4), an alkylation process feedstock, and normal pentane and hexane into isopentane (C5) and isohexane (C6), high-octane gasoline components.

Intermodal Surface Transportation Efficiency Act of 1991.

Someone who purchases refined products at the wholesale level and then transfers or resells the product at the retail level. The retail level sale/ transfer can occur at facilities owned by the jobber, independent dealers or commercial accounts; a term used to describe companies in the oil distribution chain that sell wholesale products.

A light petroleum distillate that is used in space heaters, cook stoves, and water heaters and is suitable for use as a light source when burned in wickfed lamps. Kerosene has a maximum distillation temperature of 400 degrees Fahrenheit at the 10-percent recovery point, a final boiling point of 572 degrees Fahrenheit, and a minimum flash point of 100 degrees Fahrenheit. Included are No. 1-K and No. 2-K, the two grades recognized by ASTM Specification D 3699 as well as all other grades of kerosene called range or stove oil, which have properties similar to those of No. 1 fuel oil. See also Kerosene-Type Jet Fuel.

Kerosene-Type Jet Fuel.

A kerosene-based product having a maximum distillation temperature of 400 degrees Fahrenheit at the 10-percent recovery point and a final maximum boiling point of 572 degrees Fahrenheit and meeting ASTM Specification D 1655 and Military Specifications MIL-T-5624P and MIL-T - 83133D (Grades JP-5 and JP-8). It is used for commercial and military turbojet and turboprop aircraft engines. Commercial: Kerosene-type jet fuel intended for use in commercial aircraft. Military: Kerosene-type jet fuel intended for use in military aircraft.

마지막 거래일.

The final trading session on a futures contact. Any contracts left open at the end must be settled by delivery. On the NYMEX, this falls on the last business day of the month for products and the third business day prior to the 25th on crude.

Lease Condensate.

A mixture consisting primarily of pentanes and heavier hydrocarbons which is recovered as a liquid from natural gas in lease separation facilities. This category excludes natural gas liquids, such as butane and propane, which are recovered at downstream natural gas processing plants or facilities. See Natural Gas Liquids.

Light Gasoils.

Liquid petroleum distillates heavier than naphtha, with an approximate boiling range from 401 degrees Fahrenheit to 650 degrees Fahrenheit.

Lightering.

The process of transferring oil cargo between vessels of largely different sizes and is undertaken as many port facilities cannot accept oceanfaring tankers of the size of oil transports.

Limit Move.

The maximum one-day price advance or decline permitted from the previous day's settlement price. Not applicable to the current contract. The limit move is 2 cents on products and $1.00 on crude.

주문 제한.

An order to buy/sell a futures/options contract with a price limit. If it's a buy order, it can't be executed higher than the limit listed (e. g. 70cts/gal). If it's a sell order, it can't be executed lower than the limit.

Liquefied Refinery Gases (LRG)

Liquefied petroleum gases fractionated from refinery or still gases. Through compression and/or refrigeration, they are retained in the liquid state. The reported categories are ethane/ethylene, propane/propylene, normal butane/butylenes, and isobutane/isobutylene. Excludes still gas.

Liquified Petroleum Gases (LPG)

A group of hydrocarbon-based gases derived from crude oil refining or natural gas stream fractionation that are often liquefied, through pressurization, for ease of transport. They include: ethane, propane, normal butane, isobutane and add natural gasoline. Uses of these fuels include home heating, industrial, automotive fuel, petrochemical feedstocks, and for drying purposes in farming.

Term which describes the floor traders who provide liquidity for NYMEX traders. Locals often are floor brokers who trade for their own account. Locals operate in the various electronic formats on the NYMEX and typically trade large volumes and cash in profits or losses after small changes in price.

Having an outstanding position where one has bought a futures contract or a wet bbl. A speculative long would be hopeful of a market increase. A lot of length in the wet or futures market could be descriptive of a market where too many buyers are holding inventory.

A shorthand reference commonly applied to propane, or liquid propane, which is used as a home heating and cooking fuel, and as a petrochemical feedstock.

Lubricants.

Substances used to reduce friction between bearing surfaces or as process materials either incorporated into other materials used as processing aids in the manufacture of other products, or used as carriers of other materials. Petroleum lubricants may be produced either from distillates or residues. Lubricants include all grades of lubricating oils from spindle oil to cylinder oil and those used in greases.

The funds deposited by a buyer or seller of a futures contract that ensure performance of the contract.

마진 콜.

A demand for initial or variation margin from a commission house to a customer and/or from the clearing house to a clearing member.

Market-On-Close (MOC)

An order to buy/sell a futures/options contract which won't be executed until the close of trading that day. It will be executed at the best possible price within the closing minutes of the market.

See NYMEX (New York Mercantile Exchange).

Merchant Oxygenate Plants.

Oxygenate production facilities that are not associated with a petroleum refinery. Production from these facilities is sold under contract or on the spot market to refiners or other gasoline blenders.

Methanol (CH3OH)

A light, volatile alcohol intended for gasoline blending as described in Oxygenate definition.

Methyl Tertiary Butyl Ether (MTBE)

An ether used in the blending of reformulated gasolines, affecting vapor pressure and octane level. Unlike ethanol, MTBE is fungible and will not separate out during shipment. There is no domestic market for MTBE, so any production is exported.

Midco (Midcontinent)

A spot market designation for product delivered in regions supplied by the Group 3 and Chicago spot markets.

Middle Distillates.

A general classification of refined petroleum products that includes distillate fuel oil and kerosene, over-the-road diesel, and home heating oil.

Middle East Economic Survey (MEES)

An influential Nicosia-based newsletter which is regarded as particularly close to Arabian Gulf producer politics and intentions.

Miscellaneous Products.

Includes all finished products not classified elsewhere (e. g. petrolatum, lube refining byproducts (aromatic extracts and tars), absorption oils, ram-jet fuel, petroleum rocket fuels, synthetic natural gas feedstocks, and specialty oils). Note: Beginning with January 2004 data, naphtha-type jet fuel is included in Miscellaneous Products.

Modal Share.

The percentage of total freight moved by a particular type of transportation.

Motor Gasoline Blending.

Mechanical mixing of motor gasoline blending components, and oxygenates when required, to produce finished motor gasoline. Finished motor gasoline may be further mixed with other motor gasoline blending components or oxygenates, resulting in increased volumes of finished motor gasoline and/or changes in the formulation of finished motor gasoline (e. g. conventional motor gasoline mixed with ethanol or another other octane booster to produce oxygenated motor gasoline).

Motor Gasoline Blending Components.

Naphthas (e. g. straight-run gasoline, alkylate, reformate, benzene, toluene, xylenes) used for blending or compounding into finished motor gasoline. These components include reformulated gasoline blendstock for oxygenate blending (RBOB) but exclude oxygenates (alcohols, ethers), butane, and pentanes. Note: Oxygenates are reported as individual components and are included in the total for other hydrocarbons and oxygenates.

A Magellan Pipeline designation for clear regular unleaded gasoline.

Naked Option.

Sale of an option (either a put or a call) without ownership of the underlying futures contract.

A petroleum product off of the distillation process (220°F to 315°F) that is subsequently upgraded to make up the major constituent of gasoline.

Naphtha less Than 401° F.

A naphtha with a boiling range of less than 401 degrees Fahrenheit that is intended for use as a petrochemical feedstock.

Naphtha-Type Jet Fuel.

A fuel in the heavy naphtha boiling range having an average gravity of 52.8 degrees API, 20 to 90% distillation temperatures of 290 degrees to 470 degrees Fahrenheit, and meeting Military Specification MIL-T-5624L (Grade JP-4). It is used primarily for military turbojet and turboprop aircraft engines because it has a lower freeze point than other aviation fuels and meets engine requirements at high altitudes and speeds. Note: Beginning with January 2004 data, naphtha-type jet fuel is included in Miscellaneous Products.

Nation’s Freight Bill.

The amount spent annually on freight transportation by the nation's shippers; also represents the total revenue of all carriers operating in the nation.

National Futues Association (NFA)

Trade association which is responsible for promoting and monitoring rules of conduct, and which mediates disputes between customers and brokers. One of the regulatory bodies which oversees futures trading.

천연 가스.

A naturally-occurring raw material often produced in conjunction with crude oil that is processed through a variety of facilities to yield NGLs. It is a commercially acceptable product for industrial and residential consumption and is shipped via pipeline.

Natural Gas Field Facility.

A field facility designed to process natural gas produced from more than one lease for the purpose of recovering condensate from a stream of natural gas; however, some field facilities are designed to recover propane, normal butane, natural gasoline, etc., and to control the quality of natural gas to be marketed.

Natural Gas Liquids (NGLs)

Those hydrocarbons in natural gas that are separated from the gas as liquids through the process of absorption, condensation, adsorption, or other methods in gas processing or cycling plants. Generally such liquids consist of propane and heavier hydrocarbons and are commonly referred to as lease condensate, natural gasoline, and liquefied petroleum gases. Natural gas liquids include natural gas plant liquids (primarily ethane, propane, butane, and isobutane; see Natural Gas Plant Liquids) and lease condensate (primarily pentanes produced from natural gas at lease separators and field facilities; see Lease Condensate).

Natural Gas Plant Liquids.

Those hydrocarbons in natural gas that are separated as liquids at natural gas processing plants, fractionating and cycling plants, and, in some instances, field facilities. Lease condensate is excluded. Products obtained include ethane; liquefied petroleum gases (propane, butanes, propane-butane mixtures, ethane-propane mixtures); isopentane; and other small quantities of finished products, such as motor gasoline, special naphthas, jet fuel, kerosene, and distillate fuel oil.

Natural Gas Processing Plant.

Facilities designed to recover natural gas liquids from a stream of natural gas that may or may not have passed through lease separators and/or field separation facilities. These facilities control the quality of the natural gas to be marketed. Cycling plants are classified as gas processing plants.

Natural Gasoline and Isopentane.

A mixture of hydrocarbons, mostly pentanes and heavier, extracted from natural gas, that meets vapor pressure, end-point, and other specifications for natural gasoline set by the Gas Processors Association.

Prices include any available prompt payment discounts.

Net Average.

An average of all rack suppliers, calculated with any prepayment discount reduced from the applicable suppliers.

Net Profit Margin.

A measure of profitability based on the ratio of net income to total operating revenues.

Net Receipts.

The difference between total movements into and total movements out of each PADD by pipeline, tanker, and barge.

Netback Differential.

The difference between the spot and rack prices for refined petroleum products.

Netback Pricing or Agreements.

Contractual crude oil arrangements very prevalent during the mid-80's which set the sales price of crude oil on the value of the derivative petroleum products.

The price a refiner receives for the sale of petroleum products after deducting the transportation or affiliated costs in shipping the product from its point of origin (i. e. pipeline tariffs, waterborne freight, storage fees, line loss, cost of capital, etc.).

New York Mercantile Exchange (NYMEX)

Exchange where a number of commodities, including WTI crude, heating oil and unleaded gasoline are traded on a future basis.

Nomination.

The notification by the seller of a spot market obligation of the attempt to deliver the product to satisfy the commitment.

Price designation which only applies to product traded in the Mont Belvieu Caverns facility that is a subsidiary of Enterprise Products Partners, LP.

A group of independent crude oil producing nations that are not members of OPEC, but have collectively restricted production levels in support of OPEC. Includes Malaysia, Mexico, Oman, Egypt, Angola, China and Colombia.

A measure of the performance quality of gasoline in terms of antiknock qualities. The higher the octane number, the greater the antiknock qualities.

Off-Road Diesel.

Nothing more than high-sulfur No. 2 oil – same as home heating oil. This fuel can be used for off-road purposes such as powering diesel construction equipment.

Offshore Block.

Refers to a designated piece of property in a body of water for mineral exploration. The Gulf of Mexico has many areas that are divided up into blocks to be leased to companies for exploration.

Oil, Chemical and Atomic Workers Union (OCAW)

The principal labor group at U. S. refineries. Refinery strikes are generally called by this union or its affiliates.

열린 관심.

Figures published by the NYMEX which indicate the number of outstanding positions in a futures contract. An open interest number of 100,000 means that there are 50,000 long and 50,000 outstanding short positions. Rises or falls in open interest are often key barometers of whether a market is rising/falling thanks to new buying/selling or liquidation by existing participants. A rise in open interest after a market rally is often indicative of new buying, whereas a fall would have been representative of short covering.

Open Order.

An order to buy or sell a futures contract or option which is good until it is cancelled. An order to buy crude at say $95/bbl, will be good until it's filled, with the brokerage house typically checking with clients at various intervals to see if there is interest in changing the order.

외침을여십시오.

A public auction form of futures trading where bids and offers are made directly between traders in an exchange pit.

The period at the beginning of a trading session as designated by the exchange.

Operable Capacity.

The amount of capacity that, at the beginning of the period, is in operation; not in operation and not under active repair, but capable of being placed in operation within 30 days; or not in operation but under active repair that can be completed within 90 days. Operable capacity is the sum of the operating and idle capacity and is measured in barrels per calendar day or barrels per stream day.

Operable Utilization Rate.

Represents the utilization of the atmospheric crude oil distillation units. The rate is calculated by dividing the gross input to these units by the operable refining capacity of the units.

Operating Expenses.

The costs of handling traffic, including both direct costs (driver wages and fuel) and indirect costs (computer expenses and advertising), but excluding interest expenses.

Operating Ratio.

A measure of profitability based on operating expenses as a percentage of gross revenues.

OPIS Benchmark Averages.

Published averages commonly used as a basis for buying/selling fuel: contract (approximately 10:00 a. m. ET), closing daily averages (5:59 p. m. ET), newsletter and 5-day averages published in the weekly OPIS Newsletter.

OPIS Calendar-Day Average.

A snapshot of the average of all supplier postings in each OPIS rack market at 11:59 p. m. ET. The snapshot includes all price moves from 12:00 a. m. (midnight ET) until the file is frozen at 11:59 p. m. ET. (Example: The January 8th Calendar-Day Average encompasses all price moves that were made from 12:00 a. m. (midnight ET) on January 8th up through 11:59 p. m. ET on January 8th. Hence, it is an average of all prices on that calendar day.)

OPIS Closing Average.

A snapshot of the average of all supplier postings in each OPIS rack market at 5:59 p. m. ET. The snapshot includes all price moves from 6:00 p. m. ET the prior day until the price file is frozen by 5:59 p. m. (Example: The January 8th Closing Average encompasses all price moves that were made at 6:00 p. m. ET. January 7th up until we freeze the prices no later than 5:59 p. m. ET on January 8th. It does not include any price moves made at or later than 6:00 p. m. ET on January 8th.)

OPIS Contract Average.

A snapshot of the average of all supplier postings in each OPIS rack market at approximately 10:00 a. m. ET. The snapshot includes all price moves from 6:00 p. m. ET the prior day up until the price file is frozen at approximately 10:00 a. m. ET. (Example: The January 8th Contract Average encompasses all price moves that were made at 6:00 p. m. ET January 7th up until approximately 10:00 a. m. ET January 8th.)

The highest supplier price at that particular rack on that day. Available in standard, newsletter, and terminal display.

The OPIS Last is a price indicator of where cash or spot market prices end for each full-day spot market trading session. It provides a numerical approximation of a refined products end-of-the day value.

The lowest supplier price at that particular rack on that day. Available in standard, newsletter, and terminal display.

OPIS Newsletter Average.

The published Thursday evening average (except on holidays) in the printed OPIS Newsletter. This average is ALWAYS gross. The OPIS Newsletter started in 1980 when the market moved only once a week. Since major fuel purchases are referenced to this published price, it is one of many benchmarks available from OPIS today.

OPIS Rack Prices.

A daily (Mon-Sat), independent, published survey of supplier prices without taxes, freight or superfund for gasoline and diesel fuel at over 360 U. S. rack distribution points.

OPIS Spot Mean.

The OPIS Spot Mean represents the numerical mid-point of the OPIS Low and the OPIS High calculated using actual spot market deals confirmed by OPIS markets editors during the course of full-day trading.

OPIS Standard Display.

Shows one price per product per supplier for all suppliers in that rack city. OPIS uses the primary terminal for suppliers with multiple terminals to avoid skewing the OPIS average for benchmarking purposes.

OPIS Terminal Display.

Shows all terminals at a given location for every supplier by product. Includes terminal location and terminal owner.

A contract traded on a futures exchange giving the buyer the right, but not the obligation, to buy (a call option) or sell (a put option) a specific quantity of a commodity from the seller or writer of the option.

Organization of Petroleum Exporting Countries (OPEC)

Countries which have organized for the purpose of negotiating with oil companies on matters of oil production, prices and future concession rights. Current members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. The Neutral Zone between Kuwait and Saudi Arabia is considered part of OPEC. Ecuador suspended its membership from December 1992 through October 2007. Prior to January 1995, Gabon was a member of OPEC. Indonesia suspended its membership effective January 2009.

Other Hydrocarbons.

Materials received by a refinery and consumed as a raw material. Includes hydrogen, coal tar derivatives, gilsonite, and natural gas received by the refinery for reforming into hydrogen. Natural gas to be used as fuel is excluded.

Other Oils Equal To Or Greater Than 401° F.

Oils with a boiling range equal to or greater than 401 degrees Fahrenheit that are intended for use as a petrochemical feedstock.

Other Oxygenates.

Other aliphatic alcohols and aliphatic ethers intended for motor gasoline blending (e. g. isopropyl ether (IPE) or n-propanol).

OPIS prices labeled as out month represent transactions for product that buyer and seller agree will be delivered any time in the next calendar month.

Out Of The Money Option.

Refers to an option where the futures price is less than the strike price for the appropriate call, or higher than the strike price for puts.

Out-Of-Product.

OPIS marks out-of-product if a rack supplier's product is confirmed unavailable for more than 24 hours. Postings which meet this criteria will be designated out-of-product with an "o" next to the listing, and these numbers will not be part of the OPIS lows, highs or averages.

Over The Rack.

Petroleum products sold at the wholesale level from primary storage. Refers to loading racks where tanker trucks fill up. See also Rack Market.

Overbought.

A trading term used to express the opinion that prices have escalated rapidly, and therefore are subject to a sell-off as positions are liquidated.

The opposite of overbought.

Oxygenated Fuels.

Non-hydrocarbon additives—including MTBE, ethanol and methanol—which boost octane and produce a cleaner combustion.

Oxygenated Gasoline.

Finished motor gasoline, other than reformulated gasoline, having an oxygen content of 2.7% or higher by weight.

Oxygenates.

Substances which, when added to gasoline, increase the amount of oxygen in that gasoline blend. Fuel ethanol, ethyl tertiary butyl ether (ETBE), and methanol are common oxygenates. Fuel ethanol: Blends of up to 10% by volume anhydrous ethanol (200 proof), commonly referred to as the "gasohol waiver". Methanol: Blends of methanol and gasoline-grade tertiary butyl alcohol (GTBA) such that the total oxygen content does not exceed 3.5% by weight and the ratio of methanol to GTBA is less than or equal to 1. It is also specified that this blended fuel must meet ASTM volatility specifications (commonly referred to as the "ARCO" waiver). Blends of up to 5.0% by volume methanol with a minimum of 2.5% by volume cosolvent alcohols having a carbon number of 4 or less (i. e., ethanol, propanol, butanol, and/or GTBA). The total oxygen must not exceed 3.7% by weight, and the blend must meet ASTM volatility specifications as well as phase separation and alcohol purity specifications (commonly referred to as the "DuPont" waiver).

Pentanes Plus.

A mixture of hydrocarbons, mostly pentanes and heavier, extracted from natural gas. Includes isopentane, natural gasoline, and plant condensate.

Persian Gulf.

The countries that comprise the Persian Gulf are Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.

Petrochemical.

An intermediate product derived from crude and natural gas processing that is used in production of a wide range of products, including plastics. Also the facility that processes these intermediate products. Petrochemical plants are often integrated with major refineries.

Petrochemical Feedstocks.

Chemical feedstocks derived from petroleum principally for the manufacture of chemicals, synthetic rubber, and a variety of plastics. The categories reported are "Naphtha Less Than 401° F" and "Other Oils Equal To or Greater Than 401° F."

Petroleum Administration For Defense Districts (PADD)

Five geographic areas into which the United States was divided by the Petroleum Administration for Defense for purposes of administration during federal price controls or oil allocation. They are: PADD1: Connecticut, Delaware, District of Columbia, Florida, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and West Virginia. PADD2: Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, Oklahoma, South Dakota, Tennessee and Wisconsin. PADD3: Alabama, Arkansas, Louisiana, Mississippi, New Mexico and Texas. PADD4: Colorado, Idaho, Montana, Utah and Wyoming. PADD5: Alaska, Arizona, California, Hawaii, Nevada, Oregon and Washington.

Petroleum Coke.

A residue high in carbon content and low in hydrogen that is the final product of thermal decomposition in the condensation process in cracking. This product is reported as marketable coke. The conversion is 5 barrels (of 42 U. S. gallons each) per short ton. Coke from petroleum has a heating value of 6.024 million Btu per barrel. Catalyst Coke: The only catalytic coke used as a fuel is the coke on catalyst in the FCC process. In other catalytic processes there is coke deposited on catalyst, but it is not regenerated in a way such that the heat of combustion is recovered. Marketable Coke: Those grades of coke produced in delayed or fluid cokers which may be recovered as relatively pure carbon. This "green" coke may be sold as is or further purified by calcining.

Petroleum Products.

Petroleum products are obtained from the processing of crude oil (including lease condensate), natural gas, and other hydrocarbon compounds. Petroleum products include unfinished oils, liquefied petroleum gases, pentanes plus, aviation gasoline, motor gasoline, naphtha-type jet fuel, kerosene-type jet fuel, kerosene, distillate fuel oil, residual fuel oil, petrochemical feedstocks, special naphthas, lubricants, waxes, petroleum coke, asphalt, road oil, still gas, and miscellaneous products.

The transportation of highway trailers or removable trailer bodies on rail cars specifically equipped for the service. It is essentially a joint carrier movement in which the motor carrier forms a pickup and delivery operation to a rail terminal, as well as a delivery operation at the terminating rail head.

Pipeline Tender.

A network that allows crude oil, refined products and gas liquids to move across the country, usually from either refineries to terminals or from coastal (import) locations to terminals and refineries further inland.

Pit Trading.

Trading conducted within the normal hours of the NYMEX inside the open outcry pits. Pit hours are generally 9:45 a. m. to 3:10 p. m. ET for most contracts. With the advent of overnight or after hours trading on the ACCESS automated system, it has become necessary to identify pit trading.

Plant Condensate.

One of the natural gas liquids, mostly pentanes and heavier hydrocarbons, recovered and separated as liquids at gas inlet separators or scrubbers in processing plants.

A structure that draws fuel from an underground source. Usually referring to an offshore rig that also transmits fuel from that location via pipeline.

1/100th of a cent ($0.0001).

Position Limit.

The maximum number of allowable open contracts for a single trader or a firm in a given futures contract.

Primary Storage.

Petroleum storage tanks at refineries, pipelines and oil company terminals. Product inventory changes at these facilities are what constitute API and EIA demand computations. See also secondary and tertiary storage.

Processing Gain.

The volumetric amount by which total output is greater than input for a given period of time. This difference is due to the processing of crude oil into products which, in total, have a lower specific gravity than the crude oil processed.

Processing Loss.

The volumetric amount by which total refinery output is less than input for a given period of time. This difference is due to the processing of crude oil into products which, in total, have a higher specific gravity than the crude oil processed.

Product Authorization.

Authorization by a shipper in a pipeline allowing another supplier to draw product on account, either on a limited or unlimited basis.

Product Supplied, Crude Oil.

Crude oil burned on leases and by pipelines as fuel.

Product Transfer Order (PTO)

Pipeline authorizations transferring title to a set quantity of product at a specific location to another shipper.

Production Capacity.

The maximum amount of product that can be produced from processing facilities.

Products Supplied.

Approximately represents consumption of petroleum products because it measures the disappearance of these products from primary sources, i. e. refineries, natural gas processing plants, blending plants, pipelines, and bulk terminals. In general, product supplied of each product in any given period is computed as follows: field production, plus refinery production, plus imports, plus unaccounted for crude oil, (plus net receipts when calculated on a PADD basis), minus stock change, minus crude oil losses, minus refinery inputs, minus exports.

Term used in reference to wet bbl delivery timetable. OPIS prices recognize the prompt timeframe as signifying delivery in the earliest possible pipeline cycle slot, or for waterborne pickup of material available in the next 24-72 hours.

Prompt Current Month.

OPIS prices labeled as prompt current month represent transactions for product that buyer and seller agree will be delivered within the next 48 hours.

Prompt Delivery (Prompts)

Designates a spot market delivery that must be made in the next few days as stipulated by the contract.

Propane (C3H8)

A normally gaseous straight-chain hydrocarbon. It is a colorless paraffinic gas that boils at a temperature of -43.67 degrees Fahrenheit. It is extracted from natural gas or refinery gas streams. It includes all products designated in ASTM Specification D1835 and Gas Processors Association Specifications for commercial propane and HD-5 propane.

Propylene (C3H6)

An olefinic hydrocarbon recovered from refinery processes or petrochemical processes.

Propylene (C3H6) (nonfuel use)

Propylene that is intended for use in nonfuel applications such as petrochemical manufacturing. Nonfuel use propylene includes chemical-grade propylene, polymer-grade propylene, and trace amounts of propane. Nonfuel use propylene also includes the propylene component of propane/propylene mixes where the propylene will be separated from the mix in a propane/propylene splitting process. Excluded is the propylene component of propane/propylene mixes where the propylene component of the mix is intended for sale into the fuel market.

풋 옵션.

Also referred to simply as a "put." Refers to an option which gives the buyer the right, but not the obligation, to sell a futures contract at a specified strike price.

Rack Market.

Petroleum products sold at the wholesale level from primary storage. Refers to loading racks where tanker trucks fill up. See also Over the Rack.

The residual product left after a reforming process. The term also has been more generally used in reference to any low octane product left over after any secondary refining process. Preferable to natural gasoline in ethanol/gasoline blends because of the low RVP (4 to 8).

RBOB (reformulated blendstock for oxygenate blending)

Specially produced reformulated gasoline blendstock intended for blending with oxygenates downstream of the refinery where it was produced. Includes RBOB used to meet requirements of the Federal reformulated gasoline program and other blendstock intended for blending with oxygenates to produce finished gasoline that meets or exceeds emissions performance requirements of Federal reformulated gasoline (e. g. California RBOB and Arizona RBOB). Excludes conventional gasoline blendstocks for oxygenate blending (CBOB).

An installation that manufactures finished petroleum products from crude oil, unfinished oils, natural gas liquids, other hydrocarbons and oxygenates.

Refinery Input, Crude Oil.

Total crude oil (domestic plus foreign) input to crude oil distillation units and other refinery processing units (cokers, etc.).

Refinery Input, Total.

The raw materials and intermediate materials processed at refineries to produce finished petroleum products. They include crude oil, products of natural gas processing plants, unfinished oils, other hydrocarbons and oxygenates, motor gasoline and aviation gasoline blending components and finished petroleum products.

Refinery Production.

Petroleum products produced at a refinery or blending plant. Published production of these products equals refinery production minus refinery input. Negative production will occur when the amount of a product produced during the month is less than the amount of that same product that is reprocessed (input) or reclassified to become another product during the same month. Refinery production of unfinished oils, and motor and aviation gasoline blending components appear on a net basis under refinery input.

Refinery Yield.

Refinery yield (expressed as a percentage) represents the percent of finished product produced from input of crude oil and net input of unfinished oils. It is calculated by dividing the sum of crude oil and net unfinished input into the individual net production of finished products. Before calculating the yield for finished motor gasoline, the input of natural gas liquids, other hydrocarbons and oxygenates, and net input of motor gasoline blending components must be subtracted from the net production of finished motor gasoline. Before calculating the yield for finished aviation gasoline, input of aviation gasoline blending components must be subtracted from the net production of finished aviation gasoline.

Refinery-Grade Butane (C4H10)

A refinery-produced stream that is composed predominantly of normal butane and/or isobutane and may also contain propane and/or natural gasoline. These streams may also contain significant levels of olefins and/or fluorides contamination.

An oil refining unit in which naphthas are changed chemically to increase their octane level. Paraffins convert to iso-paraffins and naphthenes, and naphthenes change to aromatics. The catalyst used is usually platinum, though sometimes palladium.

Regulated Motor Carrier.

A carrier subject to economic regulation by the Department of Transportation.

Reid Vapor Pressure (RVP)

The volatility or tendency of a petroleum product to evaporate. The lower the number, the more stable the product. RVP is used to measure pressure in terms of pounds per square inch (psi). In terms of gasoline, RVP is used as an ozone control mechanism.

Renewable Diesel (R99)

Often called “green diesel” or “second generation diesel,” refers to petrodiesel-like fuels derived from biological sources that are chemically not esters and thus distinct from biodiesel. Renewable diesel is chemically the same as petrodiesel, but it is made of recently living biomass. The term ‘renewable diesel’ means fuel derived from biomass (as defined in section 45K(c)(3)) using a thermal depolymerization process which meets - (A) the registration requirements for fuels and fuel additives established by the Environmental Protection Agency under section 211 of the Clean Air Act (42 U. S.C. 7545), and (B) the requirements of the American Society of Testing and Materials D975 or D396. The IRS’s ruling refers to any biomass process using heat as “thermal depolymerization” and the processed fuel is eligible for the $1-per-gallon blender’s tax credit. Renewable diesel blends follow the same nomenclature as biodiesel. Renewable diesel in its pure form is designated R100 while a blend comprised of 20% renewable diesel and 80% petrodiesel is called R20. Because renewable diesel is chemically the same as petrodiesel, it can be mixed with petrodiesel in any proportion but users may need to add an additive to address lubricity issue associated with compounds with no oxygen.

Renewable Identification Number (RIN)

A serial number assigned to a batch of biofuel for the purpose of tracking its production, use, and trading as required by the EPA's renewable fuels standard (RFS). The EPA is authorized to set annual quotas dictating what percentage of the total amount of motor fuels consumed in the U. S. must be represented by biofuel blended into fossil fuels. Companies that refine, import or blend fossil fuels are obligated to meet certain individual RFS quotas based on the volume of fuel they introduce into the market. To ensure compliance, obligated parties are periodically required to demonstrate they have met their RFS quota by submitting a certain amount of RINs to the EPA. Because each of these RINs represent an amount of biofuel that has been blended into fossil fuels, the RINs submitted to the EPA by obligated parties are a quantitative representation of the amount of biofuel that has been blended into the fossil fuels used in America.

Residual Fuel Oil.

A general classification for the heavier oils, known as No. 5 and No. 6 fuel oils, that remain after the distillate fuel oils and lighter hydrocarbons are distilled away in refinery operations. It conforms to ASTM Specifications D 396 and D 975 and Federal Specification VV-F-815C. No. 5, a residual fuel oil of medium viscosity, is also known as Navy Special and is defined in Military Specification MIL-F-859E, including Amendment 2 (NATO Symbol F-770). It is used in steam-powered vessels in government service and inshore power plants. No. 6 fuel oil includes Bunker C fuel oil and is used for the production of electric power, space heating, vessel bunkering, and various industrial purposes.

Residue from crude oil after distilling off all but the heaviest components, with a boiling range greater than 1000 degrees Fahrenheit. Road Oil. Any heavy petroleum oil, including residual asphaltic oil used as a dust palliative and surface treatment on roads and highways. It is generally produced in six grades from 0, the most liquid, to 5, the most viscous.

저항.

A technical level where the current price of a commodity will have difficulty penetrating on a price trend.

Reverse Crack Spread.

A spread trade implemented when a speculator thinks refiner margins will narrow. Products contracts are bought against crude contracts sold. See also Crack Spread.

Rocky Mountain Double.

A combination vehicle consisting of a tractor, a 45 to 48 foot semitrailer and a shorter 28 foot semitrailer.

A port in the Netherlands. The most prevalent transaction point for spot market petroleum.

Round Turn.

Both sides of a futures contract. When a commission is paid for a futures transaction, it is usually paid on a "round turn" basis where it covers both the purchase and sale.

Saudi Aramco.

The Saudi Arabian Oil Company, the national oil company of Saudi Arabia.

Secondary Storage.

Petroleum storage tanks consisting of retail gas stations, bulk plants and commercial storage.

Settlement/Settling Price.

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.

Shell Storage Capacity.

The design capacity of a petroleum storage tank which is always greater than or equal to working storage capacity.

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.

짧은 덮음.

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.

Singapore International Money Exchange (SIMEX)

A futures exchange in Singapore for trading fuel oil.

Special Naphthas.

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.

Specific Gravity.

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.

Speculator.

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.

Splash Blend.

To blend or mix two or more products together by adding one product to the other such as ethanol to gasoline in a cargo tank compartment or even a service station underground tank.

A deal for supply wherein the price is negotiated between the buyer and the seller, and the supply commitment varies.

Spot Margin.

Additional funds required to be on hand as a contract approaches its delivery date. When a NYMEX contract becomes the spot month (the first month on the board), margin requirements are increased automatically by the NYMEX. They increase again five days prior to the last trading day, with the intent of encouraging players to move out of the delivery month.

Spot Market.

High volume (25,000 to 300,000 bbls) contractual agreements between oil companies dictating delivery of petroleum products or crude oil in the near future for an established sales price. Since this market reacts quickly, and is an alternative to wholesale sales, it provides a good indication of the direction of wholesale price trends. Also referred to as Cash Market.

Spot Price.

The current value of any product on a volume basis.

In futures markets, applies to the difference between prices of futures contracts for different delivery months, or to the difference in prices for different commodities. Spread traders try to capitalize on likely fluctuations in these relationships, and initial spread margins are often considerably lower than for outright positions.

A trading situation where a lack of actual deliverable product exists. Traders who are short must buy back positions in a rapidly rising market.

Standard Industrial Classification (SIC) Code.

A classification of establishments by type of activity in which they are engaged: for the purpose of facilitating the collection, tabulation, presentation and analysis of data relating to establishments (e. g. SIC 421 Trucking & Courier Services, Except Air).

Still Gas (Refinery Gas)

Any form or mixture of gases produced in refineries by distillation, cracking, reforming, and other processes. The principal constituents are methane, ethane, ethylene, normal butane, butylenes, propane, propylene, etc. Still gas is used as a refinery fuel and a petrochemical feedstock. The conversion factor is 6 million Btus per fuel oil equivalent barrel.

Stock Change.

The difference between stocks at the beginning of the reporting period and stocks at the end of the reporting period. Note: A negative number indicates a decrease (i. e. a drawdown) in stocks and a positive number indicates an increase (i. e. a buildup) in stocks during the reporting period.

Stop Limit.

A limit order to purchase (sell) above (or below in the case of a sell order) if a certain stop price is reached. Stop limit orders to buy or sell are often a key feature when critical technical levels are breached or surpassed in the market.

A futures order designed to close out a losing position when the price reaches the specified level.

Canadian term used to describe kerosene. Stove oil in Canada is the equivalent of U. S. low-sulfur No. 1 oil or kerosene.

Straddle (Spread)

The purchase of one futures month against the sale of another futures month of the same commodity. A straddle trade is based on a price relationship between the two months.

Straight Truck.

A vehicle with the cargo body and tractor mounted on the same chassis.

Strategic Petroleum Reserve (SPR)

Petroleum stocks maintained by the Federal Government for use during periods of major supply interruption.

Usually applies to a gasoline that does not meet the 87 octane standard which most suppliers mandate for regular unleaded distinction. Sub-octanes are typically utilized by those using oxygenated components.

A yellowish nonmetallic element, sometimes known as brimstone. It is present at various levels of concentration in many fossil fuels whose combustion releases sulfur compounds that are considered harmful to the environment. Some of the most commonly used fossil fuels are categorized according to their sulfur content, with lower sulfur fuels usually selling at a higher price. Note: No. 2 Distillate fuel is currently reported as having either a 0.05% or lower sulfur level for on-highway vehicle use or a greater than 0.05% sulfur level for off-highway use, home heating oil, and commercial and industrial uses. This also includes Ultra Low Sulfur Diesel (

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