A little over two years ago, the sales and supply team here at Guttman Energy began writing blogs about the energy markets and the fuel industry. Over that time, the blogs have contained a plethora of useful knowledge and industry buzzwords. We are here to help you navigate the world of energy lingo and provide definitions of what we would consider “buzz” words of the industry.
RBOB- Reformulated gasoline blendstock for oxygen blending or unleaded gas futures.
CBOB- Conventional blendstock for oxygenate blending or motor gasoline blending components intended for blending with oxygenates to produce finished conventional motor gasoline.
OPEC- Organization of Petroleum Exporting Countries. This group consists of 14 of the world’s major exporting nations.
WTI- West Texas Intermediate is a grade of crude oil produced in America also referred to as “sweet” crude or oil in the Western World. West Texas Intermediate (WTI) crude oil is the underlying commodity of the New York Mercantile Exchange's oil future contract.
RIN- Renewable Identification Number- A serial number attached to a batch of biofuel for the tracking of its production, use and trading.
BRENT- Sweet, light crude oil, extracted from the North Sea. This type of crude oil is used as a benchmark to price European, African and Middle Eastern oil that is exported to the West.
HO- Heating Oil, also traded on the New York Mercantile Exchange as the code for 15 ppm Ultra Low Sulfur Diesel.
DOE- Department of Energy
EPA- Environmental Protection Agency
API- American Petroleum Institute, a privately held statistics reporting firm.
Barrel- A unit of volume equal to 42 gallons of petroleum product.