ADP
Alternative Delivery Procedure. A provision of a futures contract that allows buyers and sellers to make and take delivery under terms and conditions that differ from those prescribed in the contract. An ADP may occur at any time during the delivery period, once long and short future positions have been matched for the purpose of delivery.
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AGA
American Gas Association. All or none An order which must be filled in its entirety or not at all.
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API
American Petroleum Institute. The primary U.S. oil industry trade association.
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API
Gravity Gravity (weight per unit volume) of oils as measured by the API scale.
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Associated Gas
Natural gas present in a crude oil reservoir, either separate or in solution with the oil.
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ASTM
American Society for Testing Materials. Grade and quality specifications for petroleum products and metals are determined by the ASTM in test methods.
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Barge
A vessel, either motorized or towed, used to carry products in navigable waterways. Inland river barges that carry oil products generally hold 25.000 barrels. Ocean-going barges range in size up to 120.000 barrels.
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Barrel
A unit of volume measure used for petroleum and refined products. 1 barrel equals 42 US gallons.
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Batch
A measured amount in which crude oil refined product shipments are sent through a pipeline.
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Batching Sequence
The order in which shipments are sent through a pipeline.
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