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Onyx Markets Uncategorised Product Overview

Product Overview

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Here’s a general overview breakdown of how different petroleum products are used:

Distillates (Diesel/Gasoil)

How it’s used:

  • Primary fuel for trucks, buses, and trains
  • Diesel and Gasoil is the same product, they have different Excise Duty based on final use
  • Marine fuel for shipping vessels
  • Heating oil for homes and businesses
  • Industrial power generation, primarily back-up
  • Construction and farming equipment
Fuel Oil

How it’s used:

  • Marine vessel fuel (now mainly with scrubbers due to sulphur regulations)
  • Industrial heating
  • Power generation in some regions (<2% of all power in the EU)
  • Historically dominant in shipping but declining due to environmental regulations
  • Refineries class as a negative yield product, i.e. the resale value is typically less than its crude feedstock cost
Gasoline

How it’s used:

  • Main fuel for passenger cars and light vehicles
  • Recreational vehicles and boats
  • Small aircraft (aviation gasoline)
  • Construction and landscaping equipment
  • Emergency power generators
Crude Oil

How it’s used:

  • Primary feedstock for refineries
  • Processed into various products through distillation
  • Produces approximately 45 gallons of products from each 42-gallon barrel
  • Different grades determine ease of processing and product yield
Natural Gas Liquids (NGLs)

How it’s used:

  • Home heating and cooking
  • Petrochemical feedstock
  • Plastic production
  • Fuel blending components
  • Industrial processes
Petrochemicals

How it’s used:

  • Plastic manufacturing
  • Synthetic fibre production
  • Industrial chemicals
  • Detergents and cleaning products
  • Pharmaceutical ingredients
Naphtha

How it’s used:

  • Primary petrochemical feedstock
  • Gasoline blending component
  • Industrial solvent
  • Chemical manufacturing
  • Plastic and synthetic fibre production

The petroleum product market is interconnected, with many products serving multiple purposes and industries adapting to changing environmental regulations and market demands.

Barrels per Metric Tonne

ProductBarrels per Metric Tonne
LPG11.6
Gasoline8.5
Naphtha8.0-9.5
Jet/Kerosene7.89
Diesel/Gasoil7.45
Fuel Oil6.35-6.5

Product Density (kg/m³)

ProductDensity Range (kg/m³)
LPG Propane480-540
Gasoline715-780
Kerosene775-840
Diesel820-845
Heavy Fuel 800-1010

Basic Conversions

ConversionValue
1 barrel0.1364 metric tonnes
1 metric tonne7.33 barrels
1 barrel159 litres
1 barrel42 US gallons

Common Physical Supply Oil Conversions: Litre to Metric Tonne (mt) & Oil-Specific Gravities*

ProductValue
Diesel1183 litres per mt (0.845 SG)
Gasoil1183 litres per mt (0.845 SG)
LPG Propane~1960 litres per mt (0.51 SG)
Gasoline~1333 litres (0.75 SG)
Jet/kero1250 litres per mt (0.8 SG)

1 mt (1000 kg) of diesel or gasoil is 1183 litres of diesel or gasoil at “standard” room temp.

Example: if you consume 118,300 litres of diesel per month this is 100 mt equivalent (approximately 3  Artic bulk delivers handy for converting to hedging volumes to hedge your diesel exposure.

NB: Please check/confirm your specific contracted fuel supply conversions with your physical supplier

*For a given mass of oil the measured volume is dependent on the ambient temperature, please check with your fuel supplier for your SG/mass/volume conversions