Encore Glossary |
Find here terms and their explanations commonly used in Energy Industry, Finance and Trading Boards
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| There are 27 entries in the glossary. |
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| Account Executive | The agent of a commission house who serves customers/traders by entering their commodity futures and options orders, reporting trade executions, advising on trading strategies, etc. |
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| Active Month | In the metals markets, the nearest base contract month that is not the current delivery month. The base months for each metals futures are defined by each individual contract. |
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| Active Power | Also known as 'Real Power' or simply 'Power'. Active power is the rate of producing, transfer or using electrical energy. Measured in watts and often-expressed in kW or MW. |
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| Actuals | Physical cash commodities as opposed to futures contracts. |
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| Administrative Workstation | A NYMEX ACCESS workstation through which Exchange clearing members monitor all activity in accounts they carry and set limits on their customers' accounts through the Trade Limit Monitoring System. |
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| ADP | Alternative Delivery Procedure. A provision of a futures contract that allows buyers and sellers to make and take delivery under terms or conditions that differ from those prescribed in the contract. An ADP may occur at any time during the delivery period, once long and short futures positions have been matched for the purpose of delivery. |
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| AGA | American Gas Association. Major natural gas industry trade association, based in Alexandria, Virginia. AGA conducts technical research and helps create standards for equipment and products involved in every facet of the natural gas industry. It also compiles statistics which are considered industry standards. |
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| All or None | An order which must be filled in its entirety or not at all. |
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| American Option | An option contract that may be exercised at any time prior to expiration. This differs from a European Option which may only be exercised on the expiration date. |
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| Ampere (Amp) | The unit that measures the rate of flow of an electrical current. |
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| Annual Agreed Quantity (AAQ) | The annual volume of gas consumed, measured in Kilowatt hours (kWh). |
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| API | American Petroleum Institute. The primary U.S. oil industry trade association, based in Washington, D.C. API conducts research and sets technical standards for industry equipment and products from wellhead to retail outlet. It also compiles statistics which are regarded as industry benchmarks. |
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| API Gravity | Gravity (weight per unit volume) of oils as measured by the API scale whereby: |
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| Apparent Power | The product of the voltage (volts) and the current amps. Comprises both active and reactive power. Measured in VA (volt-ampere), kVA (kilo-volt-ampere) or MVA (mega-volt-ampere). |
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| Approved Carriers | Armored carriers approved by the Exchange for the transportation of gold, platinum, and palladium. |
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| Arbitrage | The simultaneous purchase of one commodity against the sale of another in order to profit from fluctuations in the usual price relationships. Variations include the simultaneous purchase and sale of different delivery months of the same commodity; of the same delivery month, but different grades of the same commodity; and of different commodities. |
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| Ask | A motion to sell. The same as offer. |
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| Assay | To test a metal or an oil for purity or quality. |
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| Assignment | The process by which the seller of an option is notified of a buyer's intention to exercise the rights associated with the option. |
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| Associated Gas | Natural gas present in a crude oil reservoir, either separate from or in solution with the oil. |
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| ASTM | American Society for Testing Materials. Grade and quality specifications for petroleum products and metals are determined by the ASTM in test methods. |
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| At-the-Market | An order to buy or sell a futures contract at whatever price is obtainable when the order reaches the trading floor. Also called a market order. |
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| At-the-Money | An option whose exercise, or strike, price is closest to the futures price. |
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| Automatic Exercise | Following options expiration, an option which is in-the-money by $100 or more is exercised automatically by the clearinghouse, unless the holder of the option submits specific instructions to the contrary. |
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| Availability Charge | The charge for the amount of power made available to the clients premises. It is related to the agreed supply capacity. The distribution company sets the rate and it is expressed in kVA. See also: Excess Availability Charges |
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| Available Supply Capacity (ASC) | The agreed maximum supply capacity, measured in kVa, which a customer is allowed to take from the distribution system through their connection point. Customers pay a monthly charge for each unit of capacity. The maximum demand should not exceed the ASC. |
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| Avoirdupois Unit | Customary U.S. weights. 1 troy ounce = 1.09 ounces avoirdupois. |
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Glossary V2.0 |
