TECHNOLOGY FOCUS - ORGANIC CHEMISTRY - Preferred Composition: The oxygen content of the composition (C1) is 5-30 (preferably 6-20, especially 7-15, particularly less than 22) wt.%. The composition (C1) has a total acid number of less than 20 mgKOH/g. The water content of the composition (C1) is 1-5 (preferably 1-4) wt.%. The composition (C1) has the further characteristic of substantially free of carboxylic acids, where the carboxylic acid content is below 2000 ppm. The composition (C1) contains less than 6 (preferably 4) wt.% of compounds having a carbonyl group. The composition (C1) is derived from the thermochemical conversion of the cellulosic biomass in the presence of a catalyst. The composition (C1) is derived from the cellulosic biomass without an oxygen-removing hydrotreatment step, where the cellulosic biomass is a lignocellulosic biomass. The composition (C1) has a stability parameter of less than 30 cp/hour, not greater than 15 cp/hour, or less than 1 cp/hour. The Conradson Carbon number is less than 22 wt.%. Preferred Method: The conversion of step (a) occurs in less than 10 seconds. The composition (C1) is produced by: (a) converting in less than 10 seconds at least a portion of the lignocellulosic biomass material in an oxygen-poor environment in the presence of a catalyst material at a temperature of 200-1000 degrees C to produce a reaction product stream containing the composition (C1); and (b) separating the composition (C1) from the reaction product stream such that the composition (C1) (i) has an oxygen content of 7-15 wt.%, (ii) has a water content of 1-4 wt.%, (iii) has a carboxylic acid content of less than 2000 ppm, (iv) contains less than 4 wt.% of compounds having a carbonyl group, (v) has a Conradson Carbon number of less than 22 wt.%, (vi) has a total acid number of less than 20 mgKOH/g, and (vii) has a stability parameter of less than 1 cp/h; and where characteristics (i)-(vii) are achieved without an oxygen-removing hydrotreatment step. EXAMPLE - No suitable example given.