Ooh and opportunity to talk fire science! One of the reasons I am a smith is because I am a genuine fire bug and when I am not at the anvil I am also a firefighter and fire science was my favorite part of the training

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The liquid does not burn, the vaporized liquid burns. If you go entirely below the surface of the liquid there is no oxygen and there can be no combustion. This is where we get into air/fuel ratios, sustained combustion is actually a carefully balanced mixture of heat, fuel and oxygen, as anybody who has ever made their own gas forge nozzle can attest

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One instructor expalined how if one had the nerve and the time, they could fill entire room with LP gas to a point too rich for combustion and then safely strike a match or a spark, however if some fool opened the door while this was happening, all concerned would pobably die.
Back when I joined the fire service it was called the combustion triangle (heat sources, fuel, oxygen), now it is more a fire tetragon because they have added the fourth component of "unbroken chemical chain reaction" as tools for extinguishment have become more sophisticated. In order to kill any fire all you have to do is remove any one of these elements and combustion cannot be sustained. Stacy is right on target with the extinguisher advice but I would reserve that for fires that suddenly move outside of the tank, a forceful blast from an extinguisher directed into you tank could spray your fire all over the place. The best way to kill a quench tank fire it to cover it- remove the O2 from the equation and the fire cannot continue. Then wait for the heat to drop below ignition temperature before uncovering (the loss of the heat component taking the place of the removal of oxygen keeps the fire dead)
I used to do a trick at demos where I would time the removal of a hot piece of steel from oil and pull the vapor trail over my head in an arc allowing it to flash with an impressive display- KIDS DO NOT TRY THIS AT HOME- I am a professional IDIOT with many years of injuries to keep me oblivious to the danger! But it is all about heat and vapor with the oil.
Note: It is possible to so over heat your blade that when you quench the bubbles created are full of super heated gasses that will ignite when they reach the surface and get O2. This is why a good formulated quenchant is a safer choice as well, since they are designed to eliminate vapor jackets they will keep this bubbling to a minimum. Heck the #50 oil I use has a flash point that is much lower than other oils but I have never had a fire in it because I go entirely below the surface and there is virtually no vapor jacket.