It is the new benchmark gasoline contract on the New York Mercantile Exchange. NYMEX phased out trading in unleaded gasoline futures at the end of 2006 because that product contained the chemical MTBE, which is banned in many states for polluting groundwater. NYMEX replaced those unleaded gas contracts with ones for the RBOB, an unfinished gasoline product that does not contain MTBE
The refinery of oil entails the break down of crude oil down into its various components, which then are selectively changed into new products. All refineries perform three basic steps: separation (fractional distillation), conversion (cracking and rearranging the molecules) and treatment. The crude oil separates into fractions in a distillation tower according to weight and boiling point with the lightest fractions, including petrol and liquid petroleum gas (LPG), vaporize and rise to the top of the tower. Kerosene (aviation fuel) and diesel oil, stay in the middle of the tower whilst heavier liquids separate lower down with the heaviest fractions with the highest boiling points settling at the very bottom
The difference in value between the products produced by a refinery and the value of the crude oil used to produce them.
Refining margins will thus vary from refinery to refinery and depend on the price and characteristics of the crude used,
A large plant composed of many different processing units that are used to convert crude oil into finished or refined products. These processes include heating, fractionating (fractional distillation), reforming, cracking, and hydrotreating.
Inside a refinery tower, the liquids and vapors separate into components or fractions according to their density and boiling point. The lightest fractions, including gasoline and liquid petroleum gas vaporize and rise to the top of the tower, where they condense back to liquids. Medium-weight liquids, including kerosene and diesel oil, stay in the middle. Heavier liquids, such as gas oils, separate lower down. The heaviest fractions with the highest boiling points, such as tar-like fractions called residue settle at the bottom.
The various hydrocarbons obtained as a result of the refining process separation from crude oil. Typical refined products are LPG, naphtha, gasoline, kerosene, jet fuel, home heating oil, diesel fuel, residual fuel oil, lubricants and petroleum coke.
The price at which LPG gas companies buy the cooking gas for at the refinery gate. Refers to the maximum price of LPG as supplied to gas companies
