Petroleum & Other Liquids Prices

Value Time

Brent Crude is a major trading classification of sweet light crude oil that serves as one of the two main benchmark prices for purchases of oil worldwide, the other being West Texas Intermediate.

This grade is described as light because of its relatively low density, and sweet because of its low sulphur content. Brent Crude is extracted from the North Sea and comprises Brent Blend, Forties Blend, Oseberg and Ekofisk crudes (also known as the BFOE Quotation). The Brent Crude oil marker is also known as Brent Blend, London Brent, and Brent petroleum.

Cushing, Oklahoma is a major trading hub for crude oil and has been the delivery point for crude contracts and therefore the price settlement point for West Texas Intermediate on the New York Mercantile Exchange for over three decades. The town of Cushing, Oklahoma is a small, remote place with only 7,826 inhabitants (according to the 2010 Census). However, it is the site of the Cushing Oil Field, which was discovered in 1912, and dominated U.S. oil production for several years. The area became a "vital transshipment point with many intersecting pipelines, storage facilities, and easy access to refiners and suppliers," infrastructure which remained after the Cushing field had declined in importance. Crude oil flows "inbound to Cushing from all directions and outbound through dozens of pipelines".

West Texas Intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light crude oil because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of New York Mercantile Exchange's oil futures contracts. The price of WTI is often included in news reports on oil prices, alongside the price of Brent crude from the North Sea.

The location specified in either spot or futures contracts for delivery of a product in New York Harbor.

Finished motor gasoline not included in the oxygenated or reformulated gasoline categories. Excludes reformulated gasoline blendstock for oxygenate blending (RBOB) as well as other blendstock.

The price for a one-time open market transaction for immediate delivery of a specific quantity of product at a specific location where the commodity is purchased "on the spot" at current market rates.

The location specified in either spot or futures contracts for delivery of a product in any port city along the coastline of Texas and Louisiana.

Reformulated Gasoline Blendstock for Oxygenate Blending is motor gasoline blending components intended for blending with oxygenates to produce finished reformulated gasoline. Gasoline having an antiknock index (average of the research octane rating and the motor octane number) greater than or equal to 85 and less than 88. (Note: Octane requirements may vary by altitude)

Spot Price is the price for a one-time open market transaction for immediate delivery of a specific quantity of product at a specific location where the commodity is purchased "on the spot" at current market rates.

Mont Belvieu is the location specified in either spot or futures contracts for the delivery of propane in Mont Belvieu, Texas.

Propane is 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-05 propane. For price data, it does not include the propane portion of any natural gas liquids (NGL) mixes; i.e., butane-propane and ethane-propane mix.

Spot Price is the price for a one-time open market transaction for immediate delivery of a specific quantity of product at a specific location where the commodity is purchased "on the spot" at current market rates.

Free on Board is the price actually charged at the producing country's port of loading. The reported price includes deductions for any rebates and discounts or additions of premiums where applicable and should be the actual price paid with no adjustment for credit terms.

New York Harbor is the location specified in either spot or futures contracts for the delivery of a product in New York Harbor.

Heating oil is a low viscosity, a liquid petroleum product used as a fuel oil for furnaces or boilers in buildings. Home heating oil is often abbreviated as HHO.

Spot Price is the price for a one-time open market transaction for immediate delivery of a specific quantity of product at a specific location where the commodity is purchased "on the spot" at current market rates.

Ultra-low-sulfur diesel (ULSD) is diesel fuel with substantially lowered sulfur content. Since 2006, almost all of the petroleum-based diesel fuel available in Europe and North America has been of a ULSD type.

Ultra-low-sulfur diesel (ULSD) is diesel fuel with substantially lowered sulfur content. Since 2006, almost all of the petroleum-based diesel fuel available in Europe and North America has been of a ULSD type.

Ultra-low-sulfur diesel (ULSD) is diesel fuel with substantially lowered sulfur content. Since 2006, almost all of the petroleum-based diesel fuel available in Europe and North America has been of a ULSD type.

U.S. Gulf Coast is the location specified in either spot or futures contracts for delivery of a product in any port city along the coastline of Texas and Louisiana.

Kerosene Type Jet Fuel is 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.

Spot Price is the price for a one-time open market transaction for immediate delivery of a specific quantity of product at a specific location where the commodity is purchased "on the spot" at current market rates.