When I did electronics, I was at a place that had very high current high frequency equipment ( BIG radar). The contacts for some of the relays were in jars of oil. That way the arc that formed when the contacts closed did not burn the contacts. The sparks in the oil looked impressive. A visiting highly paid Government official asked why the oil didn't explode. The tech answered that he could fill the jars with gasoline and all would be well, as long as the contacts stayed under the liquid. The questioner looked at him like he was crazy and said, "That's dumb." The tech took a coffee cup and filled it with a solvent, lit a broom straw, and dunked it in the cup ( no fire) - and said, "No, that's physics,... this was dumb.".
The physics of this is that a flame can only exist in a gas.....solids and liquids do not burn. We use solids and liquids as fuel because they are easier to store than gas, but they have to be converted to a gas to burn.
There are several related terms that are often misused.
The vapor pressure is a measurement of how easily the liquid becomes a gas at room temperature. The vapor pressure of a flammable liquid determines how easily it burns. If the pressure is low, the liquid is considered volatile. If the liquid will burn in air, and has a low vapor pressure, it is called highly flammable.
The flash point is the temperature that the gas will ignite in air with an ignition source. In quenching, there may be lots of vapor and gas, but the ignition source ( hot blade) is under the surface, so the vapors above the tank don't ignite. This is why I say to not put your quench tank right below or next to the forge. The vapors can drift over to the forge flame and ignite. This isn't really a big fire risk, but can scare the heck out of you. The difference between gasoline and kerosene in flammability is the flash point. Gasoline has a -45F flash point and kerosene has 100F. They both burn equally well, otherwise.
The final term is the flame point. This is also called burn point and auto-ignition point. This is the temperature that the liquid will self ignite in air. This is why we don't recommend heating oil to 450F and using it for tempering, as this is getting close to the flame point, and above the flash point. When it ignites, it will self feed the flames.