Glossary
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Japan Crude-Oil Cocktail (JCC)

Quoted by the Japanese finance ministry, it is designed to represent the average CIF price of all imported crude oil and raw oil in a specified trading period. It is usually quoted on a monthly basis.

Joule-Thomson (J-T) effect

The change in temperature of a fluid that occurs when the fluid is allowed to expand in such a way that no external work is done and no heat transfer takes place. The case of most interest is cooling of a compressed gas upon J-T expansion. Note that the J-T effect is not limited to gases; also J-T expansion can, in some cases, produce an increase in temperature, rather than a decrease, although this is not frequently encountered.