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The clear cut definition of light and heavy crude varies because the classification is based more on practical grounds than theoretical. The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37° API (840 kg/m 3) and 42° API (816 kg/m 3), while it defines light crude oil for non-U.S. oil as being between 32° API (865 kg/m 3 ...
Each crude oil has unique molecular characteristics which are revealed by the use of crude oil assay analysis in petroleum laboratories. [83] Barrels from an area in which the crude oil's molecular characteristics have been determined and the oil has been classified are used as pricing references throughout the world.
Petroleum products are materials derived from crude oil as it is processed in oil refineries. Unlike petrochemicals, which are a collection of well-defined usually pure organic compounds, petroleum products are complex mixtures. [1] Most petroleum is converted into petroleum products, which include several classes of fuels. [2]
The oil market, like other markets, is one in which prices are largely determined by what traders and investors call "market psychology." That's because at any given time, there's usually enough ...
Whether it was the speculators or the specter of demand that pushed oil well over $70 last month, the rise in crude prices began to cause concern that the recovery could be knocked off course by ...
It's now common knowledge that the U.S. is in the midst of a massive oil boom, fueled by growing production from shale plays in Texas and North Dakota. The surge in domestic production, coupled ...
The chemical profiles, or crude oil assays, specify important properties such as the oil's API gravity. The delivery locations are usually sea ports close to the oil fields from which the crude was obtained (and new fields are constantly being explored), and the pricing is usually quoted based on FOB ( free on board , without consideration of ...
A 42-US-gallon (35 imp gal; 160 L) barrel of crude oil produces approximately 10 US gallons (8.3 imp gal; 38 L) of diesel, 4 US gallons (3.3 imp gal; 15 L) of jet fuel, 19 US gallons (16 imp gal; 72 L) of gasoline, 7 US gallons (5.8 imp gal; 26 L) of other products, 3 US gallons (2.5 imp gal; 11 L) split between heavy fuel oil and liquified ...