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                                               Oil Glossary Guide to Specification




AG                               Arabian Gulf

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

                                   Degrees API Gravity= (141.5/Specific Gravity at 60 Deg. F) ?131.5

ARA                             Amsterdam - Rotterdam - Antwerp

Aromatics                    Group of petrochemicals characterized by a ring structure, they are produced in refinery reformers and petrochemical plants.

The most commonly traded are benzene, toluene and xylenes. They are used for chemical  production or as high-octane components for gasoline blending.

ASPH                            Asphaltene

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

2.      in the US it refers to the product that is known as bitumen in the rest of the world.

Avgas                            High octane aviation gasoline used in piston type aircraft engines.
Barge                           A vessel carrying oil usually on rivers - containing between 8,000 to 50,000 bbl or weighing 1,000
                                    to 10,000mt. In the US, barges can be up to 100,000 bbl, and some are even a bit larger.
Barrel                          A volumetric unit of measure for crude oil and petroleum products. 1 barrel equals 42 US gallons, 
                                   35 imperial gallons or 159 liters.
Bill of Lading            Documentation associated with a specific cargo of oil and is signed by the captain of the ship and the contract supplier.
Blendstock                 A component combined with other materials to produce a finished refined product.
Bunker C                    A residual fuel used as ship's fuel, usually has a high sulfur content and high viscosity.
Catfeed                      Feedstock to a catalytic cracker, usually vacuum gasoil.
Cat gasoline              (cat naphtha) A gasoline blending component made in a cat cracker.
Cetane                       A paraffinic hydrocarbon used hydrocarbon used as an additive in diesel fuel.
Cetane Number         Number equal to the percentage by volume of cetane added to basic diesel fuel to achieve specific
                                  ignition performance  characteristics.
C+F                            Cost and Freight
CFD                            Contract For Differences. A type of crude oil swap.
CFPP                          Cold filter plugging point
CIF                             Cost, insurance and freight charges for shipping products. CIF prices include these charges.
Cloud Point               The temperature at which a fuel, when cooled, begins to congeal and take on a cloudy appearance due to bonding of paraffins.
COA                            Contract of affreightment between ship owner and charterer.
Cracked                      Molecules broken by certain refining processes the opposite of straight-run.
Cracked fuel              Residue remaining after a straight run fuel has been processed by enhanced refining methods such as catalytic cracking.
Credit                         Terms of payment, i.e. 5, 10 days.
CST                            Centistokes - A way of measuring viscosity similar to seconds.
CUM                           Cubic meters
Demurrage                The detention of a vessel in loading or unloading beyond the time agreed upon. Demurrage charges are usually incurred for any delay.
DERD                        Directorate of Engine Research and Development. It is a UK Ministry of Defense jet fuel specification.
Diesel Index              A measure of the ignition quality of a diesel fuel calculated from a formula involving the gravity of the fuel and its aniline point.
Dtd                             Dated
E-4                             C.I.S. high sulfur straight-run feedstock. Formerly called F-10.
EFP                            Exchange of futures for physicals.
FCCU                         Fluid catalytic cracking unit.
Feedstock                  Material used in a processing plant.
FCC                           Fluid catalytic cracker or cat unit.
Flash Point               The lowest temperature under very specific conditions at which a combustible liquid will give off sufficient vapor to form a flammable mixture with air in a standardized vessel. Assesses the volatility of the product.
FOB                           Free on board. fob prices exclude all, insurance and freight charge
FOD                           Fuel Oil Domestique
FOR                           Free on rail
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