What is dated Brent crude?
The term “Dated Brent” refers to physical cargoes of crude oil in the North Sea that have been assigned specific delivery dates. Price indicators from the Brent Complex are increasingly used as a reference for measuring the value of crude oils all around the world, and often of global economic health itself.
What is OSP for oil?
An official selling price is an announced price, typically for crude oil, that is offered to all buyers in the market for a set period of time (usually a calendar month). OSPs are typically set using a formula or differential to market benchmarks.
What is heavy crude used for?
While light oils primarily used to create fuels such as gasoline, diesel and aviation fuels, heavy crudes (which also yield these transportation fuels) also provide feedstock for plastics, petrochemicals, other fuels and road surfacing.
What is ice Bwave?
Westbound crude exports from the Persian Gulf to Europe are priced against an average of trades in the ICE Brent crude oil futures contract; this is called the Bwave (Brent Weighted Average). This takes time, as there is a lead of 96 trading days on average between this crack spread and this sweet-sour spread.
Why is WTI cheaper than Brent?
Another reason is that WTI supplies are produced in landlocked areas, and nowadays need to be transported to the coast, where most refineries are located. Because of growth in U.S. oil production, there’s a glut of oil supply in the U.S. midwest. So WTI now trades at a price “discount” to Brent oil.
Why is crude oil called Brent?
Originally Brent Crude was produced from the Brent oilfield. The name “Brent” comes from the naming policy of Shell UK Exploration and Production, operating on behalf of ExxonMobil and Royal Dutch Shell, which originally named all of its fields after birds (in this case the brent goose).
What is the full meaning of OSP?
Offshore Safety Permit (OSP) is a Personnel Accountability System (PAS) designed by the Department of Petroleum Resources for the tracking of personnel working in Onshore and Offshore locations, managing installations owned and/or operated by Oil and Gas operators and contractors in Nigeria.
Which is heavy oil or water?
Water is more dense (heavier) than oil so they can’t mix. Oil floats above the water.
What is the difference between light and heavy crude?
Light Crude oil is liquid petroleum that has low density and that flows freely at room temperature. It is referred to as “heavy” because its density or specific gravity is higher than that of light crude oil. Heavy crude oil has been defined as any liquid petroleum with an API gravity less than 20°.
Why is it called Brent crude?
What does LCOC1 mean?
LCOC1: ICE Brent Crude Energy Future c1 – Stock Price, Quote and News – CNBC.
Which is the best synonym for the word crude?
Synonyms & Antonyms for crude. Choose the Right Synonym for crude. rude, rough, crude, raw mean lacking in social refinement. rude implies ignorance of or indifference to good form; it may suggest intentional discourtesy. rude behavior rough is likely to stress lack of polish and gentleness.
What’s the definition of a crude oil refinery?
Source: U.S. Energy Information Administration. A crude oil refinery is a group of industrial facilities that turns crude oil and other inputs into finished petroleum products. A refinery’s capacity refers to the maximum amount of crude oil designed to flow into the distillation unit of a refinery, also known as the crude unit.
How is crude oil separated in the distillation process?
Crude oil is made up of a mixture of hydrocarbons, and the distillation process aims to separate this crude oil into broad categories of its component hydrocarbons, or “fractions.” Crude oil is first heated and then put into a distillation column, also known as a still, where different products boil off and are recovered at different temperatures.