Oil and Natural Gas Price Data - GASearch Energy Intelligence

B/D	Barrels per day. A standard unit used to quantify a refiner's output capacity or an oilwell's flowrate.

Bab Crude Oil	Crude oil from United Arab Emeritis (UAE) with an API gravity of * and a sulfur content of * %.

Bach Ho Crude Oil	Crude oil from Bach Ho terminal, Vietnam with API gravity of * and sulfur content of * %

Bachaquero Crude Oil	Venezuela crude oil with an API gravity of * and sulfur content of * %

Bachaquero Heavy Crude Oil	Crude oil from Venezuela with an API gravity of * and a sulfur content of * %.

Back Pressure	Pressure against which a fluid is flowing. May be composed of friction in pipes, restrictions in pipes, valves, pressure in vessels to which fluid is flowing, hydrostatic head, or other resistance to fluid flow.

Backhaul	A transaction that results in the transportation of gas in a direction opposite of the aggregate physical flow of gas in the pipeline. This is typically achieved when the transporting pipeline redelivers gas at a point(s) upstream from the point(s) of receipt. A backhaul condition will exist as long as the aggregate backhaul transactions total less than the aggregate forward haul transactions. A backhaul transaction can result in a delivery by non-delivery or cut back (reduction) of physical flow at a delivery point.

Backwardation	Market situation where prices are highest in the nearest date periods and are lower in forward delivery dates.

Badak Crude Oil	Crude oil from Indonesia with API gravity of * and * % sulfur.

Badin Crude Oil	Crude oil from Pakistan with an API gravity of * and a sulfur content of * %.

Bahrgansar Crude Oil	Crude oil from Iran with an API gravity of * and a sulfur content of * %.

Bailer	A device used in cable tool drilling to remove drill cuttings from a well. It consists of a simple tube suspended on a cable, open at the top, with a foot-valve at the bottom. The foot-valve opens when the bailer touches the bottom of the drilled hole, permitting water with drill cuttings in suspension to enter the tube. When the bailer is raised to be emptied, the foot-valve closes instantly as it loses contact with the bottom of the hold and retains the water and drill cuttings.

Bakersfield Light Crude Oil	Crude oil from United States California with an API gravity of * and a sulfur content of * %.

Balancing	Making receipts and deliveries of gas into or withdrawals from a company equal. Balancing may be accomplished daily, monthly or seasonally, with penalties generally assessed for excessive imbalance.

Balancing Agreement	A contractual agreement between two or more legal entities to account for differences between chart measured quantities and the total confirmed nominated quantities at a point. They have been used to keep track of over/under production relative to entitlements between producers; over/under deliveries relative to confirmed nominations between operators of wells, pipelines and LDCs.

Balancing Penalty	A daily or monthly penalty assessed on the difference between volumes tendered and volumes received by the shipper. The purpose of balancing penalties is to prevent a shipper from tying up storage and line pack with excess deliveries of transportation gas, or from depleting storage and line pack by taking more gas off the system than it delivers, both of which disrupt other sales and transportation services.

Balancing Provisions	A requirement that gas entering a pipeline for transportation (receipts) must equal the amount leaving the pipeline (deliveries). This requirement is enforced by levying penalties on any difference between receipts and deliveries on an hourly, daily and monthly basis.

Balancing Units	The unit of measure used for the purpose of balancing the amount of gas received by transporter at the transporter receipt point(s) with the amount of gas delivered by transporter for shipper's account at the transporter delivery point(s). The Balancing Unit shall be reported in MMBtu's which shall be determined by multiplying each Mcf of dry gas so received or delivered by the dry heating value thereof.

Balder Crude Oil	Crude oil from Norway with an API gravity of * and a sulfur content of * %.

Balmoral Crude Oil	Crude oil from North Sea with an API gravity of * and a sulfur content of * %.

Baltic Crude Oil	Crude oil from Russia with an API gravity of * and a sulfur content of * %.

Bamboo Crude Oil	Crude oil from Sudan with an API gravity of * and a sulfur content of * %.

Banff Crude Oil	Crude oil from North Sea with an API gravity of * and a sulfur content of * %.

Banoco Arab Medium Crude Oil	Crude oil from Bahrain

Barents Sea Crude Oil	Crude oil from Russia with an API gravity of * and a sulfur content of * %.

Bares Crude Oil	Crude oil from China with an API gravity of * and a sulfur content of * %.

Barge	A vessel carrying oil usually on rivers - containing between 8,000 to 50,000 bbl or weighing 1,000 to 10,000mt. In the US, barges can be up to 100,000 bbl, and some are even a bit larger.

Barge	A vessel carrying oil usually on rivers, containing between 8,000 to 50,000 bbl or weighing 1,000 to 10,000 mt. In the USA, barges can be up to 100,000 bl, and some are even a bit larger.

Barrel (Oil)	A volumetric unit of measurement equivalent to 42 U.S. gallons, 9,702 cubic inches, 5.6146 cubic feet, 34.9722 Canadian Imperial gallons, 158.99 liters, or .15899 cubic meters. It is the unit of measurement commonly used to measure oil production and oil reserves within the U.S.

Barrett Crude Oil	Crude oil from United States Oklahoma with an API gravity of * and a sulfur content of * %.

Barrow Island Crude Oil	Crude oil from Australia with an API gravity of * and a sulfur content of * %.

Barsa-Gelmes Crude Oil	Crude oil from Turkmenistan with an API gravity of * and a sulfur content of * %.

Base Contract Price	The stated per unit price for natural gas in a contract between a producer and a purchaser.

Base Gas	The gas required in a storage reservoir to provide the pressure to cycle the normal working storage volume.

Base Load	As applied to natural gas, a given demand for gas remaining fairly constant over a period of time, usually not temperature sensitive.

Base Pressure	The pressure used as a standard in determining gas volume. Volumes are measured at operating pressures and then corrected to base pressure volume. Base pressure is normally defined in any gas measurement contract. The standard value for natural gas in the United States is 14.73 psia, established by the American National Standards Institute as standard Z-132.1 in 1969.

Base Pressure Index	A device which continuously and automatically compensates to correct gas volume at operating pressure to volume at base pressure, without regard for any correction for temperature.

Base Volume Index	A device which continuously and automatically compensates to correct gas volumes measured at operating temperature and pressure to volume at a specified base temperature and pressure.

Basic Sediment and Water (BS&W)	Impurities and water contained in the fluid produced by an oil well.

Basis	The differential between the cash, or spot price of a commodity and the price of the nearest futures contract for the same or a related commodity. Basis can reflect different time periods, product forms, qualities or locations.

Basis Risk	The uncertainty regarding whether the cash-futures spread will widen or narrow during the time when a hedge position is implemented and liquidated.

Basrah Heavy Crude Oil	Crude oil from Iraq with an API gravity of * and a sulfur content of * %.

Basrah Light Crude Oil	Crude oil from Iraq with an API gravity of * and sulfur content of * %.

Basrah Light Crude Oil	Crude oil from Iraq with an API gravity of * and a sulfur content of * %.

Basrah Medium Crude Oil	Crude oil from Iraq with an API gravity of * and a sulfur content of * %.

Baxterville Heavy Crude Oil	Crude oil from United States Mississippi with an API gravity of * and a sulfur content of * %.

Bay Marchand Crude Oil	Crude oil from United States Louisiana with an API gravity of * and a sulfur content of * %.

Bbl	The word "barrel" only has one "b", so why is the abbreviation for a barrel of petroleum "bbl"? In the early 1860's, when oil production began, there was no standard container for oil, so oil and petroleum products were stored and transported in barrels of all different shapes and sizes (beer barrels, fish barrels, molasses barrels, turpentine barrels, etc.). By the early 1870's, the 42-gallon barrel had been adopted as the standard for oil trade. This was 2 gallons per barrel more than the 40-gallon standard used by many other industries at the time. The extra 2 gallons was to allow for evaporation and leaking during transport (most barrels were made of wood). Standard Oil began manufacturing 42 gallon barrels that were blue to be used for transporting petroleum. The use of a blue barrel, abbreviated "bbl", guaranteed a buyer that this was a 42-gallon barrel.

Bbl or Barrel of Crude Oil	In the energy industry, a barrel is 42 U.S. gallons measured at 60 º Fahrenheit, 35 Imperial gallons or 159 liters. There are roughly 7.33 bbl of crude oil to a tonne, but the precise conversion obviously depends on the specific gravity of the oil. There are 1.2 US gallons to the British Imperial gallon.

BC Light Crude Oil	Crude oil from Canada with an API gravity of * and a sulfur content of * %.

BCF	The abbreviation for billion cubic feet of gas. (see "cubic foot of gas")

BCF 17 Crude Oil	Crude oil from Venezuela with an API gravity of * and a sulfur content of * %.

BCF 22 Crude Oil	Crude oil from Venezuela with an API gravity of * and a sulfur content of * %.

BCF 24 Crude Oil	Crude oil from Venezuela with an API gravity of * and a sulfur content of * %.

BCF/D	The abbreviation for billion cubic feet of gas per day.

Bear Spread	1) Simultaneous purchase and sale of two futures contracts in the same or related commodities intending to profit during price decline, but limiting loss if the expectation is wrong. This is often done by selling a nearby delivery and purchasing a deferred delivery. 2) A delta-negative options positions comprised of the same long and short options (calls or puts), designed to be profitable in a declining market. An option with a lower strike price is sold and one with a higher strike price is bought.

Beatrice Crude Oil	Crude oil from United Kingdom with an API gravity of * and a sulfur content of * %.

Behind the Pipe	Potentially producing reserves of oil or gas that have been penetrated by a well bore but are separated from the well bore by casing (pipe) and cement and hence cannot be produced without recompleting the well. If the zone penetrated is known to be productive (by tests or production elsewhere) the reserves are classified as proven but non-producing.

Bekapai Crude Oil	Crude oil from Indonesia with an API gravity of * and a sulfur content of * %.

Belanak Crude Oil	Crude oil from Indonesia with an API gravity of * and a sulfur content of * %.

Belayim Blend	Crude oil from Egypt with an API gravity of * and a sulfur content of * %.

Belayim Crude Oil	Crude oil from Egypt with API gravity of * and * % sulfur.

Belayim Marine Crude Oil	Crude oil from Egypt with an API gravity of * and a sulfur content of * %

Belida Crude Oil	Crude oil from Belida, Indonesia with API gravity of * and sulfur content of * %

Bell-and-Spigot Pipe	Pipe made with a cup-like flare at one end (the bell) and plain at the other end (the spigot). The spigot fits into the bell and the joint is sealed with a solvent cement or adhesive (in the case of plastic pipe) or packed with caulking, lead, and/or other material in the cast iron pipe annulus.

Belridge Heavy Crude Oil	Crude oil from United States California with an API gravity of * and a sulfur content of * %

Belridge Light Crude Oil	Crude oil from United States California with an API gravity of * and a sulfur content of * %

Belridge S Hills Crude Oil	Crude oil from United States California with an API gravity of * and a sulfur content of * %

Benchamas Condensate Oil	Crude oil from Thailand with an API gravity of * and a sulfur content of * %

Benchamas Crude Oil	Crude oil from Thailand with an API gravity of * and a sulfur content of * %

Berri Crude Oil	Crude oil from Saudi Arabia with an API gravity of * and a sulfur content of * %

Beryl Crude Oil	Crude oil from United Kingdom with an API gravity of * and a sulfur content of * %

Best Efforts	A contractual requirement related to a buyer's or seller's obligation to perform. There is usually no penalty for failure to take or deliver gas covered by the agreement.

Best Efforts	An agreement by a contracting party to do its best to complete some specified result. In a gas transportation contract, it might represent a pledge by the transporter to use best efforts to transport the shipper's gas. BESS is the acronym for best efforts storage service.

Beta Crude Oil	Crude oil from United States California with an API gravity of * and sulfur content of * %

Beverly Hills Crude Oil	Crude oil from United States California with an API gravity of * and sulfur content of * %

BHP	The abbreviation for bottom-hole pressure

Bijupira Salema Crude Oil	Crude oil from Brazil with an API gravity of * and sulfur content of * %

Bill of Lading	Documentation associated with a specific cargo of oil and is signed by the captain of the ship and the contract supplier.

Bilondo Crude Oil	Crude oil from Congo with an API gravity of * and sulfur content of * %

Bima Crude Oil	Crude oil from Indonesia with an API gravity of * and sulfur content of * %

Bintulu Condensate Oil	Crude oil from Malaysia with an API gravity of * and sulfur content of * %

Bintulu Crude Oil	Crude oil from Malaysia with an API gravity of * and sulfur content of * %

Bio-Gas	Methane produced by the decomposition or processing of organic matter.

Biomass	Biologically produced organic matter.

Biomass Conversion	Process by which biomass materials are burned for direct energy or by which such materials are converted to synthetic fuels.

Bit	Tool used in drilling to break up rock mechanically in order to penetrate the subsoil gradually. The bit will dig a circular hole.

Bit, Drilling	A drilling tool that cuts the hole in the earth when drilling a well. Bits are designed on two basic and different principles; the cable tool bit, which moves up and down to pulverize; and the rotary bit which rotates to cut or grind.

Bitumen	bitumen is defined as oil that is less than 10º API and will not flow to a well in its naturally occurring state

Bituminous Coal	A dense coal, usually black, sometimes dark brown, often with well-defined bands of bright and dull material, used primarily as fuel in steam-electric power generation, with substantial quantities also used for heat and power applications in manufacturing and to make coke. Bituminous coal is the most abundant coal in active U.S. mining regions. Its moisture content usually is less than 20 percent. The heat content of bituminous coal ranges from 21 to 30 million Btu per ton on a moist, mineral-matter-free basis. The heat content of bituminous coal consumed in the United States averages 24 million Btu per ton, on the as-received basis (i.e., containing both inherent moisture and mineral matter).

Black-Scholes Model	An options pricing formula derived by Fisher Black and Myron Scholes for securities options. Later modified by Fisher Black for options on futures.

Blackback Crude Oil	Crude oil from Australia with an API gravity of ***

Blake Crude Oil	Crude oil from North Sea with an API gravity of * and sulfur content of * %

Blanco Natural Gas Hub	New Mexico natural gas hub - 9 pipeline interconnects

Blanket Certificate	Authorizes open access transportation by interstate pipeline companies on behalf of others and certain services by local distribution companies and Hinshaw companies under blanket certificates (of public convenience and necessity) subject to certain conditions and reporting requirements. Blanket certificates pre-grant authority for abandonment of the transportation service upon expiration of the contractual term.

Blanket Transportation Certificate	A certificate that allows a pipeline to undertake individual transportation transactions without prior FERC approval. The pipeline is required to file periodic reports with respect to each such transaction.

Blendstock	A component combined with other materials to produce a finished refined product.

Blendstock	A component combined with other materials to produce a finished refined product.

Blenheim Crude Oil	Crude oil from North Sea with an API gravity of * and sulfur content of * %

Blina Crude Oil	Crude oil from Australia with an API gravity of * and sulfur content of * %

Blind Flange	A solid plate used to close off the end of a piping system or a device constructed with flanged ends.

Block	The number or letter used in description of a group of surveys identified as a “block” on the Texas General Land Office county patent survey maps (Example: 101 or A). A block is a defined set of original land surveys. A block has an identifying name and/or number, and surveys within it are usually consecutively numbered sections. Land grants from the State of Texas to railroad companies were often patented in blocks and sections.

Block Valve	Main transmission line valve designed to close in or shut down gas flow.

Blow-off Valve	Valve used to blow pressure off the pipeline. Also used in purge.

Blowout	The uncontrolled flow of gas, oil or other fluids from a well.

Blowout Prevention	Casinghead equipment that prevents the uncontrolled flow of oil, gas and mud from the well by closing around the drill pipe or sealing the hole.

Boil Off	A natural phenomenon which occurs when liquefied natural gas in a storage vessel warms to its boiling point and gases evolve.

Boiler Fuel Gas	Natural gas used as a fuel for the generation of steam (or hot water).

Boiler Room	A business operated out of low-rent quarters that uses high-pressure, telephone sales tactics, and possibly false or misleading information to solicit unsophisticated investors.

Bolivar Coast 24 Crude Oil	Crude oil from Venezuela with an API gravity of * and sulfur content of * %

Bolobo Crude Oil	Crude oil from Chad with an API gravity of * and sulfur content of * %

Bombay Crude Oil	Crude oil from India with an API gravity of * and sulfur content of * %

Bonga Crude Oil	Crude oil from Nigeria with API gravity of * and * % sulfur.

Bonito Crude Oil	For barrels delivered to St James, Louisiana with an API gravity of * and sulfur content of * %.

Bonito Sour Crude Oil	Crude oil from United States Texas with an API gravity of * and sulfur content of * %

Bonnie Glen Crude Oil	Crude oil from Canada with an API gravity of * and sulfur content of * %

Bonny Light Crude Oil	Nigeria crude oil with gravity of * and sulfur content is * %.

Bonny Medium Crude Oil	Crude oil from Nigeria with API gravity of * and * % sulfur.

Bontang Crude Oil	Crude oil from Indonesia with an API gravity of * and sulfur content of * %

Boom Cat	A tractor equipped with a boom used in laying pipe.

Booster	A compressor used to raise pressure in a gas or oil pipeline.

Booster Station	A facility containing equipment which increases pressure on oil or gas in a pipeline.

BOP / BOP Stack	Blowout preventers-blowout preventer stacks - are assemblies of heavy duty valves attached to wellheads to control well pressure and prevent a blowouts.

BOPD	The abbreviation for barrels of oil per day.

Boscan Crude Oil	Crude oil from Venezuela with an API gravity of * and sulfur content of * %

Boston Box	A square box installed flush with the pavement.

Bottled Gas	In the industry, liquefied petroleum gas contained under moderate pressure in cylinders, sometimes referred to as bottles. Usually propane and/or butane.

Bottom Gas	The quantity of gas that is not normally recovered from storage field operation.

Bottom Hole (Rock) Pressure	The pressure at the bottom of a closed-in well.

Bottom Hole Pressure	The reservoir pressure at the bottom of the well. When the well is flowed, a decline in pressure occurs. The amount of decline in pressure related to the amount of oil production will give an engineer information regarding the reserves of the well.

Bottoms	The liquid or other residual matter that is withdrawn from the bottom of a fractionator or other vessel during processing or while in storage; also, the heaviest product remaining in the liquid phase after distillation.

Boundry Lake Crude Oil	Crude oil from Canada with an API gravity of * and sulfur content of * %

Bouri Crude Oil	Crude oil from Libya with an API gravity of * and sulfur content of * %

Bow River / Hardisty Crude Oil	Medium sour crude oil delivered at Hardisty, Alberta, Canada. API gravity of * and sulfur content of * %

Box Spread	Options market arbitrage where both a bull spread and bear spread are established for a riskless profile. One spread includes put options and the other includes calls.

Bozhong Crude Oil	Crude oil from China with an API gravity of * and sulfur content of * %

Bradenhead	A packer (or fitting) installed on a well at the surface that enables the use of one size pipe inside another, for the subsequent control of products being delivered from either one of the two pipes.

Bradenhead Gas	See GAS, CASINGHEAD.

Brae North Crude Oil	Crude oil from North Sea with an API gravity of * and sulfur content of * %

Brass River Crude Oil	West African crude oil. The API gravity for Brass River is * degrees and the sulfur content is * %.

Bream Crude Oil	Crude oil from Australia with an API gravity of ***

Brega Condensate Oil	Crude oil from Libya with an API gravity of * and sulfur content of * %

Brega Crude Oil	Crude oil from Libya with API gravity of * and * % sulfur.

Brent 15-Day	The 15-Day Brent crude oil market is so-called because a seller must give a buyer a minimum 15 days notice of the intended loading dates for a cargo of Brent Crude North Sea crude oil in any particular month traded. 15-Day Brent is traded in discreet months. At the point where the buyer—who may be at the end of a long trading chain—is informed of the loading dates, the cargo becomes a so-called Dated Brent cargo.

Brent Blend Crude Oil	The most commonly traded North Sea crude oil. Brent has an API of about * . The blend is technically a mix of crude from the Shell UK-operated Brent field and the BP-operated Ninian field. The blend is, however, commonly referred to simply as Brent. Brent Blend is actually a combination of crude oil from 15 different oil fields in the Brent and Ninian systems located in the North Sea. Its API gravity is * degrees (making it a light� crude oil, but not quite as light� as WTI), while it contains about *** percent of sulfur (making it a sweet� crude oil, but again slightly less sweet� than WTI).

Brent Blend Crude Oil	Crude oil from United Kingdom with an API gravity of * and sulfur content of * %

Brent Dated	Brent cargoes are known as Dated Brent cargoes once they acquire a specific set of loading dates, usually at a point about two weeks from loading. Before this point, Brent cargoes are typically traded generically as so-called 15-day Brent.

Breton Sound Crude Oil	Crude oil from United States Louisiana with an API gravity of * and sulfur content of * %

Bridge Plug	A downhole tool (composed primarily of slips, a plug mandrel, and a rubber sealing element) that is run and set in casing to isolate a lower casing interval while testing an upper section.

Brine	A strong saline solution such as common salt and water cooled by a refrigerant and used for the transmission of heat without a change in its state, having no flash point or a flash point above 150 degrees Fahrenheit.

Brine Well	A well used for injecting fresh water into geologic formation comprised mainly of salt. The injected freshwater dissolves the salt and is pumped back to the surface as a saturated sodium chloride brine solution used as a feedstock in petrochemical refineries and in oil and gas well drilling and workover operations.

Britannia Crude Oil	Crude oil from United States Louisiana with an API gravity of * and sulfur content of * %

British Thermal Unit(s)	The amount of heat required to raise the temperature of one pound of water one degree Fahrenheit under standard conditions of pressure and temperature.

Broker	A person acting as an agent for a buyer or seller of natural gas in a transaction. The broker does not assume title to the natural gas.

Broker	In capacity assignment / brokering, a broker is one who sells or assigns firm transportation (or storage) capacity rights on an interstate pipeline to another entity. Also, an individual or company that buys or sells stocks, commodities, or services for others for a fee. A broker provides the function of bringing a buyer and seller together. A lease broker leases oil and gas leases for others or for the broker's own account for later sale.

Brooks Crude Oil	Crude oil from United States Oklahoma with an API gravity of * and sulfur content of * %

Brunei Light Crude Oil	Crude oil from Brunei with an API gravity of * and sulfur content of * %

BS & W	Bottom sediment and water, usually expressed as a percentage by weight.

Btu	represents a British Thermal Unit

Btu Adjustment Clause	A clause in a gas purchase contract that may adjust the contract price if the heat content of the gas delivered does not fall within a specified range.

BTU or British Thermal Unit(s)	The amount of heat required to raise the temperature of one pound of water one degree Fahrenheit under standard conditions of pressure and temperature.

Btu, Dry	Heating value contained in cubic foot of natural gas measured and calculated free of moisture content. Contractually, dry may be defined as less than or equal to seven pounds of water per Mcf.

Btu, Saturated	The number of Btus contained in a cubic foot of natural gas fully saturated with water under actual delivery pressure, temperature and gravity conditions.

BTX	Benzene, toluene and xylene.

BTX extraction	The process for removing benzene, toluene and xylene from reformate or pyrolysis asoline.

Bu Attifel Crude Oil	Crude oil from Libya with API gravity of * and * % sulfur.

Bu Hasa Crude Oil	Crude oil from United Arab Emeritis (UAE) with an API gravity of * and sulfur content of * %

Buckland Crude Oil	Crude oil from United Kingdom with an API gravity of * and sulfur content of * %

Buena Vista Crude Oil	Crude oil from United States California with an API gravity of * and sulfur content of * %

Buffalo Crude Oil	Crude oil from Australia with an API gravity of * and sulfur content of * %

Bull Plug	A plug that is inserted into the end of an unfinished pipeline to keep out dirt and moisture; also a plug of a particular shape with a male thread on one end and considerable length to the closed end for convenient use of a wrench.

Bull Spread	1) The simultaneous purchase and sale of two futures contracts in the same or related commodities intending to profit from a rise in prices but minimizing loss if the expectation is wrong. This can be accomplished by buying the nearby delivery and selling the deferred. 2) A net-positive options position composed of both long and short options of the same type, either calls or puts, intended to be profitable in a rising market. An option with a lower strike price is bought and one with a higher strike price is sold.

Bundled Sales Service	Natural gas sold on an as-needed basis, without prior scheduling, to the local distribution company at FERC-approved rates. Prior to implementation of various transportation programs, this constituted all gas delivered to an LDC.

Bundled Service	A transaction is considered bundled if it involves the purchase of the commodity of natural gas, distribution and transmission, typically from a single source.

Bunga Kekwa Crude Oil	Crude oil from Malaysia with an API gravity of * and sulfur content of * %

Bunju Crude Oil	Crude oil from Indonesia with an API gravity of * and sulfur content of * %

Bunker "C" Fuel Oil	A heavy residual fuel oil used by ships, industry, and for large scale heating installations. The United States Navy calls it "Navy heavy"; in industry, it is often referred to as No. 6 fuel oil.

Bunker C	A residual fuel used as ship's fuel, which usually has a high sulfur content and high viscosity.

Burgan Crude Oil	Crude oil from Neutral Zone with an API gravity of * and sulfur content of * %

Buri Crude Oil	Crude oil from Libya with an API gravity of * and sulfur content of * %

Butane (C4H10)	A low-boiling paraffin hydrocarbon generally stored and delivered in liquefied form and used as a fuel in gaseous form, obtained by processing natural gas as produced and also from a process in petroleum refining. Contains approximately 3,260 Btu per cubic foot.

Butane-Air Plant	A gasification plant where liquid butane is vaporized and mixed with air and delivered into a gas distribution system for the use of consumers.

Buyer's Right of First Refusal	In negotiating situations where the seller of gas has the right to solicit third-party bids for his gas, a right of first refusal provision gives the buyer of the gas the option of meeting the third party bid price and continuing the contract on such terms.

Buzachinskaja Crude Oil	Crude oil from Russia with an API gravity of * and sulfur content of * %

By-Products (Residuals)	Secondary products which are obtained from the processing of a raw material and have commercial value. They may be the residues of the gas production process, such as coke, tar, and ammonia, or they may be the result of further processing of such residues, such as ammonium sulphate.