Potential density
Potential density is a dynamically important property: for static stability potential density must decrease upward. If it doesn't, a fluid parcel displaced upward finds itself lighter than its neighbors, and continues to move upward; similarly, a fluid parcel displaced downward would be heavier than its neighbors. This is true even if the density of the fluid decreases upward. In stable conditions (potential density decreasing upward) motion along surfaces of constant potential density (isopycnals) is energetically favored over flow across these surfaces (diapycnal flow), so most of the motion within a 3-D geophysical fluid takes place along these 2-D surfaces.
Flow conditions
There are broad general methodologies used to calculate the density of a liquid at specific conditions. In order to discuss a specific methodology, one must choose a liquid that holds sufficient interest to warrant a calculation specific to it. EOS 87.3 is a density calculation for seawater; API chapter 11 specifies calculations pertaining to oil, fuels and natural gas liquids.