Out of curiosity I Googled (isn't it funny how that has become a verb?) fertilizer explosive, (likely adding my name to the NSA/CIA/whomever's list of possible terrorists, but it doesn't matter, they already know about me). You wouldn't believe what is already available to anyone interested.
In any case, it did confirm what I had thought, the nitrate gives its' oxygen to the carbon and hydrogen of the fuel oil in an instant, making a large cloud of water and carbon dioxide in a very small space, resulting in a big boom. This tempts me to head off on a tangent of nitrogen and nitrogen fertilizers, but this has likely already gone on too long. One teaser, when people first invented black powder, they got the KNO3 by scraping up crystals off the floor of horse stables. The urine you know, transformed from amino acids into ammonia, then into nitrates. How would you like that job?
On the other hand, it quite likely limited the amount of gunpowder manufactured at any one time. Maybe that was a good thing?
Ray