Methods are disclosed which provide for determining in situ the characteristics of hydrocarbons including oil API gravity in a formation traversed by a borehole. The vanadium content in the formation is determined from a logging tool. The total vanadium content is then systematically separated into an oil vanadium content and a formation matrix or clay vanadium content. From the oil vanadium content and a determination of formation bulk density, porosity and oil saturation, the vanadium concentration of the oil is derived in parts per million, from which the API gravity is determined.