Conversion factors depend on the specific gravity of the crude oil. As a general guide:
• 1 tonne of crude = 7.5 barrels
• 1 barrel of crude = 5,604 cubic feet of natural gas, 0.996 barrels of gasoil or 1.446 barrels of liquefied petroleum gas
• 1 US barrel = 42 US gallons = 158.978 litres
• 1 million barrels of crude a day = 50 million tonnes a year
• 1 megajoule = 947.81 British thermal units = 238.85 Kcal
• 1 cubic foot = 0.0283 cubic metres
* see also cubic foot
The Energy Risk Glossary, now in its eighth edition, provides an at-a-glance explanation of the myriad specialised terms and acronyms used in energy trading and risk management.
This year, the guide has been updated by Aviv Handler of ETR Advisory. Energy Risk would like to thank him for his input into this edition, which benefits greatly from his valuable experience and insight into energy markets.
The fast-changing nature of these markets means much has changed since our last edition – almost 200 new entries and revisions have been made this year. Reflecting the increasing importance of regulation, definitions of the Markets in Financial Instruments Directive (MiFid) and the Ljubljana-based Agency for the Cooperation of Energy Regulators (Acer) make it into the glossary for the first time. A focus on improving back-office infrastructure and mitigating counterparty risk is also apparent from the inclusion of terms such as ‘portfolio reconciliation’ and ‘portfolio compression’.
The glossary is extensively cross-referenced, making for easy and thorough searches. We hope you find it useful.
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