СТАТИСТИКА 1 / Международное энергетическое агентство www.IEA.org / Публикации разные / supply glossary 1987-2002

Delivery Month. The month specified in a given physicals or futures contract for delivery of the physical commodity or cash.

Delivery Points. A location designated by the futures exchange where a physical commodity covered by a futures contract may be delivered in fulfilment of contract terms.

End-User Prices. The price net of any rebates paid for an oil product by the consumer including taxes which have to be paid by the consumer as part of the transaction and which are not refundable. In Table 9 of the monthly Report, gasoline and heating oil prices are retail prices to individual customers while automotive diesel and heavy oil prices relate to industry (and thus exclude VAT where this is refundable).

Expiry Date. The final day on which futures trading in a particular month is allowable. Any contracts left open following this day must be settled by delivery.

Expiry Month. Options terminology for delivery month.

FOB. ‘Free on Board’ refers to a transaction whereby the seller makes a commodity available at a given price at an agreed upon time and location. It is the responsibility of the buyer, not the seller, to arrange and pay for transportation and insurance to move the commodity to its final destination.

Fundamentals. Factors other than psychological or technical that influence the price development on the physical or futures market (e.g. physical supply and demand, stock levels, currency exchange rates, interest rates, weather (forecasts) etc.). (See Technicals.)

Funds. Financial entities investing in (energy) markets in the hope of profiting from a change in market value.

Futures Contract. A regulated, legally binding agreement made on the trading floor of a futures exchange to buy or sell a fixed quantity of a commodity for delivery at a specified time and location in the future.

Futures Transaction. Purchase or sale of a futures contract; exchange of a futures position for the physical or cash commodity.

Hedge. A final transaction to mitigate risk. For example, taking an equal and opposite position on the Futures market to that held in physicals to reduce price exposure in physicals (see Short Position,

Long Position, Basis Risk).

HSFO. High sulphur fuel oil.

IPE. International Petroleum Exchange, the energy futures exchange in London.

Liquidity. A market is said to be liquid when it has a high level of trading activity, allowing buying and selling with minimum price disturbance.

Long Hedge. The purchase of Futures, against the sale of physicals (to reduce exposure to a price rise). Also called a Buying hedge. (See Short Hedge).

Long Position. Market position of a futures contract buyer.

LSFO. Low sulphur fuel oil

LSWR. Low sulphur waxy residue

Market Trend. General direction of prices, without regard to short-term fluctuations.

Net Position. The difference between the open contracts long and the open contracts short, held in any commodity by a market participant.

Non-Commercials. Entities trading commodities in the futures market in the hope of profiting from a change in its market value but not involved in its production, processing, or merchandising.

Non-Reporting. Entities whose volume of futures positions in a type of contract remains below the minimum reporting level set by the exchanges and/or the CFTC.

NYMEX. New York Mercantile Exchange, the largest commodities futures exchange.

Open Interest. The number of unclosed or unfilled contracts, on one side of the market. In any one delivery month, the short interest always equals the long interest, since the total number of contracts sold must equal the total number bought.

Option. The right, in return for a premium, to purchase or sell futures for a specified month at an agreed price, generally at any time between when the option is taken and the expiry date.

Physical Delivery. Supplying or taking delivery of a commodity at an agreed upon price and location.

Price Spread. Price difference between different products, months or geographical locations for physicals or futures (e.g. gasoline Rotterdam versus New York, July Brent contract versus June Brent contract).

Short Hedge. Sale of Futures against the purchase of physicals (to reduce exposure when a price decline or bearish trend is perceived).

Short Position. The market position of a futures contract seller.

Short Squeeze. A sharp run up of futures or spot prices when those holding short positions prior to the expiry of the (futures) contract need to buy back open positions. A squeeze in the spot market can occur in response to a change in technical or fundamental conditions.

SIMEX. Singapore International Monetary Exchange, the oil and currencies futures exchange in Singapore.

Spot. A term that describes a one-time open market transaction where physical oil is traded at current market rates.

Spot Month. The nearest deliverable month.

Swaps. An unregulated tailor-made contractual agreement between two parties for a given quantity and quality of a commodity providing for a series of periodic exchanges of money based on the variation in the market price from the agreed-upon fixed price of the commodity over the agreed-upon time period.

Technicals. Factors other than fundamental or psychological ones, which influence futures price development used by Chartists (e.g. trend indicators, moving averages, support and resistance lines, relative strength index).

Technical Rally or Decline. A price movement resulting from conditions within the futures market not dependent on outside supply and demand factors. These conditions could include changes in open interest, volume, degree of recent price movement and approach of contract expiry.

Volume. The total number of transactions of a particular contract traded during a specified period of time on the market (rather than the volume they represent).

REFINING

Refining Margins

Refining margins in the Report are meant to represent the monetary gain or loss associated with processing a marginal or incremental barrel of crude oil that a refiner might choose to process. The purpose of this specific approach is to analyse the incentive for a refiner to either increase or decrease crude throughput and thus to contribute to the understanding of one of the factors affecting regional refinery throughput levels (although the impact of refinery shutdowns for maintenance is often a more significant factor that can mask the effect of changes in economics). The absolute level of this (marginal) refining margin is therefore not representative of the average profitability of the refining operation in a given refining centre. Owing to the ‘marginal’ approach, the refining margins reported do not incorporate the production of specialities (such as lubes, bitumen, white spirits, etc.); the product yields used differ from the average (baseload) yield; and product quotations used are chosen to reflect the region’s marginal supply/demand balance and not prices reflecting baseload supply patterns. The margins also use marginal, rather than total, operating costs. In addition, while the incremental margins used in the Report can be considered as broadly typical for the region in question, the actual margins differ for each refinery depending, to a large extent, on its configuration, the crude slate processed and its geographic location (transport costs). It is important to realise that the absolute level of the refining margin in question is of a second order of importance. In the context of their purpose in the Report, it is rather the trend these margins follow and their rate of change that matter.

Refinery Types

Two types of margins are calculated, one for a hydroskimming operation and one for a cracking operation. The hydroskimming refinery is defined as a refinery equipped with atmospheric distillation, naphtha reforming and necessary treating (hydro-desulphurisation) processes. The cracking refinery is, in addition to the above, equipped with vacuum distillation and catalytic cracking. Both refinery types are operated at conditions typical for the region (e.g. reformer severity, depth of distillation) and process the marker crude only, run by itself and hence with no synergy effects with other crudes processed. The product yields calculated for these refinery types are assumed to be valid throughout the year, representing the marginal supply/demand situation typical for the region in question. It needs to be stressed in this context that the short-term supply/demand situation might prompt a refiner or a refining centre to operate in a different mode of operation from that assumed in this approach and that therefore refining margins reported here are of an indicative nature only.

Elements in the Margin Calculation

In order to calculate a refining margin the weighted average value of all refined product components (less an allowance for refinery fuel and loss) of a barrel of the marker crude, known as the gross product worth (GPW), has to be computed by multiplying the spot price of each product by its percentage share in the yield of the total barrel of crude. The refining margin is then defined as:

Gross Product Worth

less Crude price (FOB for Brent, Dubai and WTI and CIF for Urals)

less Transport costs; marginal crude freight, insurance and ocean loss (in case of an FOB crude), assuming a single voyage for an appropriately sized tanker chartered on the spot market

less Marginal refinery operating costs; defined to include only the marginal costs for chemicals, additives and catalyst

less Credit allowance; representing the financial effect of the time delay between paying for crude and receiving receipts for its products (crude credit, crude transit and product credit) assuming a crude residence time in the refinery of five days and a product credit time of ten days.

The background and the assumptions behind the refining margin calculations are provided below for each refining centre. The resulting product yields and the additional elements used in calculating the refining margins are summarised in the two tables below.

Rotterdam Margins

In calculating the product yields for the Brent Rotterdam refining margins it is assumed that, on the margin, the market is net long gasoline, net short naphtha and net short gasoil. The refinery yields therefore represent a maximum gasoil operation and price quotations used to calculate the GPW are the mean of FOB cargoes high NWE and FOB cargoes low NWE for gasoline, jet/kerosene and fuel oil and the mean of the CIF cargoes NWE quotations for naphtha and gasoil.

Mediterranean Margins

The Urals yields reflect a maximum gasoil mode of operation for the hydroskimming and the cracking operation in the Mediterranean, consistent with a market which is, on the margin, long in gasoline and, to a lesser degree, long in middle distillates and short in naphtha and fuel oil. Price quotations used to calculate the GPW are therefore FOB cargoes mean Mediterranean for gasoline, jet/kerosene and gasoil and CIF cargoes mean Mediterranean for naphtha and fuel oil. The vacuum distillation operation in the cracking case is assumed to be less severe than in Rotterdam and the reforming severity and the catalytic cracking severity is assumed to be (on the margin) the same as in the Mediterranean and in Rotterdam.

US Gulf Coast Margins

Refining margins for the US Gulf Coast are calculated with a yield for a cracking refinery geared to a maximum gasoline operation. The catalytic cracking operation for the US Gulf Coast is assumed to be more severe and the reformer operation less severe than in the other three refining centres. Consistent with the typical marginal supply/demand situation, price quotations used to calculate the GPW are US Gulf Coast waterborne for fuel oil and US Gulf Coast pipeline for gasoline, jet/kerosene and No.2 fuel (gasoil).

Singapore Margins

The Dubai hydroskimming and cracking product yields for Singapore assume a maximum gasoil operation, consistent with the typical regional supply/demand situation. The vacuum distillation operation in the cracking case is assumed to be less severe than in Rotterdam while the reforming severity and the catalytic cracking severity are assumed to be on the margin the same as in Europe.

Product Yields Used for Refinery Margin Calculations

Yield in % Volume on Crude Intake

Parameters Used for Refinery Margin Calculations

*Urals quotations are CIF Mediterranean

**pipeline delivery at an assumed cost of $0.60/bbl

REFINING GLOSSARY

Additive. A substance added to an oil product in order to improve its properties.

Alkylation. A refining process for chemically combining isobutane with olefinic hydrocarbons (e.g. propylene, butylene) through the control of temperature and pressure in the presence of an acid catalyst, usually sulphuric acid or hydrofluoric acid. The product, alkylate (an isoparaffin) has a high octane value and is blended into motor and aviation gasoline to improve the antiknock value of the fuel.

Antiknock. The resistance to detonation in spark-ignition or compression-ignition internal combustion engines. The antiknock value is measured in terms of octane number for gasoline engines and of cetane number for diesel fuels.

Catalytic Cracking. A refining process which breaks down the larger, heavier, and more complex hydrocarbon molecules into simpler and lighter molecules by the action of heat and aided by the presence of a catalyst but without the addition of hydrogen. In this way heavy oils (fuel oil components) can be converted into lighter and more valuable products (notably gasoline and middle distillate components).

Cetane Number. The cetane number of a diesel fuel is a number equal to the percentage by volume of cetane in a mixture with alpha-methyl-naphthalene having the same ignition quality as the fuel under consideration.

Cracking. Refinery processes whereby large, heavy, complex hydrocarbon molecules are broken down into simpler and lighter molecules in order to derive a variety of lighter, higher valued products. When this process is brought about applying heat only, the process is referred to as thermal cracking. If a catalyst is also used, the process is known as catalytic cracking, or hydrocracking if the process is conducted over special catalysts in a hydrogen atmosphere.

Coking. A process by which heavy 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 and blended to meet product specifications. The coke can be used either as a fuel or in other applications such as the manufacturing of steel or aluminium.

Conversion/Upgrading. Refinery processes whereby heavier petroleum fractions are subject to changes in size or structure of the hydrocarbon molecules, thus providing new compounds with different properties and higher average value (cracking, reforming).

Distillation - Atmospheric Crude Oil Distillation. The first stage in the refining process of separating crude oil components at atmospheric pressure by heating, and subsequent condensing, of the fractions (unfinished petroleum products) by cooling.

Downstream. The oil industry term used to refer to all petroleum activities from the process of refining crude oil into petroleum products to the distribution, marketing, and shipping of the products (see Upstream).

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, refinery feedstock, liquefied refinery gases, slop oils, and other liquid hydrocarbons produced from tar sands and oil shale.

Hydrocracking. A refining process that uses catalysts and hydrogen at high pressures for converting heavy oils (fuel oil components) to lighter and more valuable products (notably naphtha and middle distillate components). The process can handle high sulphur feedstock without prior desulphurisation, yielding low sulphur blending components.

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

Isomerisation. A refining process that alters the fundamental arrangement of atoms in the molecule without adding or removing any atoms from the original material. Isomerisation is used to convert normal butane into isobutane (iC4), an alkylation process feedstock, and normal pentane and hexane into isopentane (iC5) and isohexane (iC6) (high-octane gasoline components).

MTBE (Methyl tertiary butyl ether) (CH3)3COCH. An ether-based used for gasoline blending (high octane), in particular in the US, where a minimum oxygen content has been mandated for reformulated and oxygenated gasoline.

Octane Number. The octane number of a fuel is a number equal to the percentage by volume of iso-octane in a mixture of iso-octane and normal heptane having the same resistance to detonation as the fuel under consideration in a special test engine. It is a measure of the anti-knock value of a gasoline.

Operating Capacity. The amount of capacity that is available for immediate use (including spare capacity and capacity under active repair).

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 oils into products, which, in total, have a lower specific gravity than the crude oil, and feedstocks processed (e.g. in conversion processes).

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

Refinery Yield. Refinery yield (expressed as a percentage) represents the percent of finished product produced from the input of crude oil and the net input of feedstock. It is calculated by dividing total net production of finished products by the sum of crude oil and net unfinished input.

Refining Margin. Refining margin is the net difference in value between the products produced by a refinery and the CIF value of the crude oil used to produce them, taking into account the marginal refinery operating costs. Refining margins will thus vary from refinery to refinery and depend on the cost and characteristics of the crude used, its yield and the value of its products (and hence its location).

Reforming. A refining process using controlled heat and pressure with catalysts to rearrange hydrocarbon molecules in the naphtha (or naphtha-type) feed, thereby converting paraffinic and naphthenic type hydrocarbons (low-octane gasoline boiling range fractions) into higher octane stocks suitable for blending into finished gasoline. Since the process’ product, reformate, is richer in aromatics than its feed, naphtha, this process is also used to produce aromatic petrochemicals (Benzene, Toluene and Xylene).

Residue. The heavy residual liquid from the atmospheric distillation of crude oil is called Atmospheric Residue. If such residue is further distilled under vacuum a still heavier residual liquid results, which is called Vacuum Residue. The heavy residual liquid from cracking operations is called Cracked Residue.

Spare (Idle) Capacity. The component of operating capacity that is not in operation and not under active repair, but capable of being placed in operation within 30 days; plus capacity not in operation but under active repair that can be completed within 90 days.

Straight-Run. A term applied to a product of petroleum made by distillation without conversion.

Thermal Cracking. A refining process in which heat and pressure are used to break down, rearrange, or combine hydrocarbon molecules. Thermal cracking includes visbreaking, fluid coking, delayed coking, and other similar processes.

Treating. Refining processes whereby intermediate products obtained by distillation and conversion are refined by physical or chemical means to remove substances that impair their odour, colour, stability or performance.

Utilisation Rate. Represents the utilisation rate of the atmospheric crude oil distillation units. The rate is calculated by dividing the gross input to these units by the operating capacity of the units.

Vacuum Distillation. Distillation under reduced pressure (less than atmospheric) which lowers the boiling temperature of the liquid being distilled. This technique permits the production of distillates at lower temperature than would be necessary in atmospheric distillation, thus avoiding coke formation.

Visbreaking. A thermal cracking process in which heavy atmospheric or vacuum-distillation bottoms are cracked at moderate temperatures to make light products and produce a lower viscosity residue than the initial feed to the unit.

GEOGRAPHICAL DEFINITIONS

OECD

Organisation for Economic Co-operation and Development (OECD) is comprised of Australia, Austria, Belgium, Canada, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic, Spain, Sweden, Switzerland, Turkey, the UK and the US.

Australia excludes the Christmas Islands.

Denmark excludes Greenland and the Danish Faeroes.

France includes Corsica and Monaco but excludes the overseas territories (Guadeloupe, Martinique, Guyana, Reunion, St. Pierre de Miquelon, New Caledonia and French Polynesia).

Italy includes San Marino and the Vatican.

International Energy Agency (IEA) - the International Energy Agency includes all OECD countries with the exception of Iceland, Mexico, Poland and the Slovak Republic the latter two of which are Candidate Countries for IEA membership.

The Netherlands excludes the Netherlands Antilles and Surinam.

Portugal includes the Azores and Madeira.

Slovak Republic became the OECD’s 30th Member in 2000. To ensure historical consistency of data throughout this statistical supplement, the Slovak Republic has been included in NonOECD aggregates.

Spain includes the Canary Islands.

Switzerland includes Liechtenstein.

The US generally excludes the US territories (Puerto Rico, Guam, the US Virgin Islands and the Hawaiian free-trade zone) while OECD North America includes Canada, the US territories and Mexico.

Non-OECD

Former Soviet Union comprises Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kirghizstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine and Uzbekistan.

Non-OECD Europe comprises Albania, Bulgaria, Romania, the Slovak Republic , the states of former Yugoslavia, Cyprus, Malta and Gibraltar.

China excludes Chinese Taipei, Hong Kong and Macau.

Other Asia includes non-OECD Oceania and excludes China and the Former Soviet Union (FSU).

Latin America includes the countries of the Caribbean (excluding US territories).

Middle East comprises Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, the Neutral Zone, Oman, Qatar, Saudi Arabia, Syria, the United Arab Emirates and Yemen.

DEFINITIONS OF CRUDE OIL AND PRODUCTS

In the Report, oil product demand and direct use of crude are placed in one of seven categories:

The individual products are defined as follows:

Jet Fuel. Includes kerosene-type (commercial or military) and naphtha-type.

Kerosene-type Jet Fuel: A quality kerosene product with a maximum distillation temperature of 400°F at the 10% recovery point and a final maximum boiling point of 572°F. The fuel is designated in ASTM Specification D1655 and Military Specification MIL-T-5624L (Grades JP-5 and JP-8). A relatively low-freezing point distillate of the kerosene type used primarily for turbojet and turboprop aircraft engines.

Commercial: Kerosene-type jet fuel intended for commercial use.

Military: Kerosene-type jet fuel intended for military use.

Naphtha-Type Jet Fuel. A fuel in the heavy naphtha boiling range. ASTM Specification D1655 specifies for this fuel maximum distillation temperatures of 140°C at the 20% recovery point and 240°C at the 90% recovery point, meeting Military Specification MIL-T-5624L (Grade JP-4). JP-4 is used for turbojet and turboprop aircraft engines, primarily by the military. Excludes ram-jet and petroleum rocket fuels.

Liquefied Petroleum Gases (LPG). Ethane, ethylene, propane, propylene, normal butane, butylene, isobutane and isobutylene produced at refineries or natural gas processing plants, including plants which fractionate raw natural gas plant liquids. The IEA’s statistical questionnaire collects data separately for LPG (excluding ethane/ethylene) and for ethane/ethylene; the Report combines the two categories.

Naphtha. Naphtha is a petroleum distillation fraction most commonly used as feedstock destined for the petrochemical industry (e.g. ethylene manufacture). Naphtha comprises hydrocarbons in the 30°C and 210°C distillation range or part of this range. ‘Special Naphtha’ is another name for ‘white spirit’ (see below).

Motor Gasoline. Motor gasoline consists of a mixture of light hydrocarbons distilling between 35°C and 215°C. It is used as a fuel for land-based spark ignition engines. Motor gasoline may include

additives, oxygenates (MTBE) and octane enhancers.

-Unleaded Motor Gasoline. Motor gasoline where lead compounds have not been added to enhance octane rating. It may contain traces of organic lead.

-Leaded Motor Gasoline. Motor gasoline with tetraethyl lead and/or tetramethyl lead added to enhance octane rating.

This category may include motor gasoline blending components (excluding additives/oxygenates), e.g. alkylates, isomerate, reformate and/or cracked gasoline destined for use as finished motor gasoline.

Other Kerosene. Kerosene comprises refined petroleum distillate and is used in sectors other than aircraft transport. It distils between 150°C and 300°C.

Gasoil. Gas/diesel oil is primarily a medium distillate distilling between 180°C and 380°C. Several grades are available depending on uses:

-diesel oil for diesel compression ignition (cars, trucks, marine, etc.);

-light heating oil for industrial and commercial uses;

-other gas oil including heavy gas oils which distil between 380°C and 540°C and which may be used as petrochemical feedstocks.

Residual Fuel Oil. This covers all residual (heavy) fuel oils (including those obtained by blending). Kinematic viscosity is above 10cSt at 80°C. The flash point is always above 50°C and density is generally more than 0.90 kg/l.

-

Low sulphur content: Heavy fuel oil with sulphur content lower or equal to than 1%.

-High sulphur content: Heavy fuel oil with sulphur content higher than 1%.

The following comprise ‘Other Products’:

Crude Oil. Crude oil is a mineral oil of natural origin comprising a mixture of hydrocarbons and associated impurities, such as sulphur. It exists in the liquid phase under normal surface temperature and pressure and its physical characteristics (density, viscosity, etc.) are highly variable. This category includes field or lease condensate recovered from associated and non-associated gas where it is co-mingled with the commercial crude oil stream. Crude is normally refined prior to use but it is sometimes burned directly in the power generation sector.

Natural Gas Liquids (NGL). Other natural gas liquids – pentanes and pentanes plus (sometimes referred to as natural gasoline or plant condensate).

Synthetic Fuels. Petroleum-like fuels produced from hydrocarbons including oil shale, tar sands, coal, peat and natural gas.

Orimulsion. Trade name for a heavy fuel oil made of an aqueous emulsion of tar sand bitumen from the Orinoco region of Venezuela that can be transported by pipeline, oil tanker or truck.

Refinery Gas/Still Gas (not liquefied). Refinery gas includes a mixture of non-condensable gases mainly consisting of hydrogen, methane and ethane obtained during distillation of crude oil or conversion of oil products (e.g. cracking) in refineries. This also includes gases that are returned from the petrochemical industry.

Aviation Gasoline. This is motor spirit prepared especially for aviation piston engines, with an octane number suited to the engine, a freezing point of -60°C and a distillation range usually within the limits of 30°C and 180°C.

Naphtha Type Jet Fuel. See Jet Fuel.

White Spirit and Industrial Spirit (SBP). White Spirit and SBP are defined as refined distillate intermediates with a distillation in the naphtha/kerosene range. They are sub-divided as:

-Industrial Spirit (SBP). Light oils distilling between 30°C and 200°C. There are seven or eight grades of industrial spirit, depending on the position of the cut in the distillation range. The grades are defined according

to the temperature difference between the 5% volume and 90% volume distillation points (which is not more than 60°C).

-White Spirit. Industrial spirit with a flash point above 30°C. The distillation range of white spirit is 135°C to 200°C.

Lubricants. Lubricants are hydrocarbons produced from distillate or residue; they are mainly used to reduce friction between bearing surfaces. This category includes all finished grades of non-synthetic lubricating oil, from spindle oil to cylinder oil, and those used in greases, including motor oils and all grades of lubricating oil base stocks.