Oil knowledge challenge.
Test what barrels, benchmarks, gravity and refinery yields mean. Every answer includes a short explanation.
Answers and explanations.
Try the quiz first. Then open any question to check the answer and the reason behind it.
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Are WTI and Brent the same crude oil?
Choices: Yes · No
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No. WTI is priced in the United States, at Cushing, Oklahoma, while Brent is a waterborne North Sea benchmark. They differ in location, quality and delivery, so their prices usually differ too.
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Does a higher API gravity usually describe lighter crude?
Choices: Yes · No
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Yes. API gravity compares a crude with water, which is 10°API. Higher numbers mean lower density, so a 40°API crude is lighter than a 25°API crude.
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Can refinery product yields total more than 100% by volume?
Choices: Yes · No
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Yes. Refining breaks heavy molecules into lighter ones, which take up more space. This processing gain means product volumes can slightly exceed the crude that went in.
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Is a crude benchmark price the same as a petrol-station price?
Choices: Yes · No
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No. Pump prices also include refining, transport, retail margins and taxes, and they can change on a different schedule from crude benchmarks.
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What does a crack spread approximate?
Choices: A simple product-value margin over crude · A pipeline length · A crude density
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A simple product-value margin over crude. It compares the value of refined products with the cost of the crude used to make them. The common 3:2:1 version assumes three barrels of crude make two of gasoline and one of distillate. It is not refinery profit.
Learn more about this topic.
- Brent vs WTI: how the two main oil benchmarks differ.
- API gravity converter: check whether a crude is light or heavy.
- Refinery yield estimator: see why yields can top 100%.