The New York Mercantile Exchange (NYMEX) defines light crude oil for domestic U.S. oil as having an API gravity between 37° API (840 kg/m3) and 42° API (816 kg/m3), while it defines light crude oil for non-U.S. oil as being between 32° API (865 kg/m3) and 42° API (816 kg/m3).
What is the API of Bonny light crude oil?
What is API data for crude oil?
It is a survey of U.S. refiners, bulk storage and blending terminals, pipelines, and importers. This includes data related to refinery operations, along with production; imports; and inventories of the five major petroleum products: crude, motor gasoline, kerosene jet fuel, distillate fuel oil, and residual fuel oil.
What is light crude oil made of?
Light crude is composed of a high number of paraffins, which are straight and branched chain hydrocarbons that have a high hydrogen to carbon ratio. Essentially, they have two hydrogen atoms for every carbon atom they contain.
Is light crude better than heavy?
Any oil with an API gravity below 22 is considered “heavy oil.” Less dense, or “light oil” has an API gravity of greater than 31. Light oil is preferable to heavy oil because a higher percentage of the hydrocarbons are converted into things like gasoline. That’s why light oil trades at a premium to heavy oil.
How is oil API calculated?
The formula for API gravity is API = (141.5/SG) -131.5 where SG is the specific gravity of the petroleum liquid being measured. For example, for an API gravity of 50, add 131.5 to obtain 181.5. Divide 141.5 by (131.5 + API gravity) to obtain the specific gravity of the oil.
Which is the best crude oil?
For example, West Texas Intermediate (WTI) is some of the best in the world and certainly the best crude oil produced on a large scale. The difference in crude oil types, meaning the difference in crude oil qualities, means that there is also a difference in the prices of different crude oils.
What is the difference between API and EIA?
The American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) both provide weekly crude oil inventory reports. … The API is a trade association whereas the EIA is a governmental agency.