The crude oil itself is actually an aggregate of various hydrocarbon molecules from the simple to the complex. In refining, heat and pressure are applied to the crude oil to break down and separate the various hydrocarbons contained within. The results yield products ranging from gases to asphalt. No two refineries are alike. Each possesses different equipment, operating at varying capacities, to produce individual grades and balances of finished products.
Modern refining is by no means a simple process.
It requires complex machinery and experienced technicians to operate this equipment. Refinery maintenance must be performed regularly and a refinery's operational status is of great importance to traders, brokers, and marketers of both crude oil and products. The types of products that are produced by any given refinery will vary somewhat depending on it's capabilities. No.2 Heating Oil Fuel Oil a.k.a. Specifications or Grades Trading in products is essentially a physical market where each deal is individually negotiated.