Margin: The difference between the retail price and delivered cost. Natural gas (NG): A naturally-occurring raw material often produced in conjunction with crude oil that is processed through a variety of facilities to yield NGLs. NYMEX: The New York Mercantile Exchange. An exchange where a number of commodities, including WTI crude, heating oil and unleaded gasoline are traded on a future basis. Also called the Merc, the futures market, the print. Influenced by big-scale regional and international factors. Open dealer: A class of retailer, typically an independent station owner who owns their own real estate. Rack Market: Petroleum products sold at the wholesale level from primary storage. Smaller volume market, often located off a pipeline. Reformulated blendstock for oxygenate blending, RBOB (RB): Specially produced reformulated gasoline blendstock intended for blending with oxygenates downstream of the refinery where it was produced. On the NYMEX, a blendstock that takes the place of a gasoline contract. Retail Market: Street price for gasoline and diesel. Spot Market: High volume (25,000 to 300,000 bbls) contractual agreements between oil companies dictating delivery of petroleum products or crude oil in the near future for an established sales price. Physical market, high volume, located at refinery hubs. Reacts to NYMEX and regional supply news. Spot replacement cost: What it would cost a refiner on any given day if they had to go into the market ot buy lost supply, changes based on the movement of the NYMEX and corresponding movement in the spot market. Traders: Buyers and sellers of large quantities of petroleum products. They use the spot markets as a basis for their deals. Traders differ from brokers in that they actually take title to the product. Truck and trailer: Approximately 8,000 gallons, or one load of fuel. Fuel Buying 101, Glossary of Terms | Oil Price Information Service (OPIS) © 2020, all rights reserved 26