Account Balance/value
Total cash or value in a trading or hedging account at any point in time.
Active Month
Most actively traded month of a futures or swaps contract, showing best liquidity.
Adjusted Volume
Oil volume adjusted to reflect quality differences or regional price basis.
Adjustment Factor
Adjustment applied to a benchmark price to reflect quality, timing or location.
Aggregation
Combining multiple positions to view and manage overall market risk.
AIM
London Stock Exchange market for smaller, growth-focused companies.
Annuity Swap
Swap where regular cashflows are paid based on oil prices over time.
API Gravity
Measure of crude oil density relative to water.
Applicable Rate
Term used in billing and tariff schedules. A predefined or agreed-upon standard rate for a given resource or service. The applicable rate is the rate which can or will be applied to that resource or service.
Applicable Rate
Pre-agreed interest or tariff rate applied to a contract or invoice.
Arbitrage
Using price discrepancies between markets or instruments to generate profit.
Arbitrage Economics
Buying and selling in different markets to take advantage of price differences.
Arbitrage Economics
Analysis of costs and pricing to determine profitable arbitrage opportunities.
Argus
Price reporting agency providing benchmark assessments for energy markets.
Argus
A global source for energy news, analysis, and price data.
Ask
Lowest price a seller is willing to accept in a market.
Assessment
Official price published by PRAs such as Platts or Argus for use in contracts.
Assessment Window
Time period used by PRAs to observe trades, bids and offers for pricing.
Assessment Window
Time when bids and trades set a products market price.
Associated Gas
Natural gas produced alongside crude oil.
Associated Gas
Natural gas produced from the same reservoir as crude oil.
At-the-Money (ATM)
Option with a strike price equal to the current market price.
Average Pricing Swap
Swap priced using the average benchmark over a defined period.
Axe
Trading bias favoring one side but open to both.
Axe
Trader's strong buying or selling interest in a particular market.