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Accumulation - A situation in which the market is dominated by buyers, who ‘accumulate’ the commodity they are trading.

American Option - An option which can be exercised by the buyer (holder) at anytime during its life

Ancillary Services- Any service required by a system operator to deliver electricity to the ultimate consumer. Ancillary services include balancing services, load following, or providing reactive power.

API - American Petroleum Institute.

Arbitrage - The simultaneous purchase of a commodity/derivative in one market and the sale of the same, or similar, commodity/deri vative in another market in order to exploit price differentials

Asian Option (Average Price Option) - An option which is exercised against an average over a period of time.

Associated Gas (wet gas) - natural gas produced in association with crude oil. Non-associated gas, or dry gas, is natural gas that occurs on its own.

At-The-Money Option (ATM) - An option whose exercise price is equal, or close to, the current price in the underlying market.

Average Cost Pricing - A pricing mechanism based on dividing the total cost of providing electricity incurred in a period by the number MWh (wholesale) and kWh (retail) sold in the same period.

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Backwardation - A market where the price for nearby delivery is higher than for further forward months. The opposite of backwardation is contango.

Barge - Vessel carrying oil, usually on rivers, containing between 8,000 and 50,000 bbl, or weighing 1,000 to 10,000 tonnes. In the US, barges can be up to, and occasionally over, 100,000 bbl in capacity.

Barrel - A volumetric unit of measure for crude oil and petroleum products. 1 barrel is 42 US gallons.

Base Load - The minimum amount of electric power delivered or required over a given period of time at a steady rate. The minimum continuous load or demand in a power system over a given period of time.

Base Load Plant - A plant normally operated to take all or part of the minimum continuous load of a system, and which consequently produces electricity at an essentially constant rate. A base load plant typically has relatively high fixed costs and low unit operating costs. Traditionally, nuclear plants have been considered as base load plants.

Basis – The difference between the price of a spot commodity and a forward commodity; the difference between the price of a commodity at one location and another location.

Basis swap - Basis swaps are used to hedge exposure to basis risks, such as locational risk or time exposure risk.

Bearish – The belief that the price is going to fall.

Bid - An indication of willingness to buy a specified amount of a commodity at a specific price

Bollinger Bands - A system based on the premise that prices revert to their mean. The standard deviation of the moves away from the mean are used to form two bands around the price. Whenever the price breaks below or above the band, it is deemed too extreme a move and therefore liable to correct back from the standard deviation towards the mean of the price.

Black-Scholes - Options pricing theory derived by Fisher Black and Myron Scholes, based on the theory that price volatility is random around a given trend.

British thermal unit (BTU) - The quantity of heat required to raise one pound of water (about one pint) one degree Fahrenheit at or near its point of maximum density. A common unit of measurement for gas prices. A MMBtu (million Btus) is roughly equivalent to a Mcf (thousand cubic feet).

Bullish – The belief that the price is going to rise.

Burner-Tip - The point at which natural gas is used as a fuel.

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Call Option - An option that gives the buyer (holder) the right but not the obligation to buy a specified quantity of an underlying futures contract at a fixed price, on or before a specified date. The grantor of the option is obliged to deliver the future at the fixed price if the holder exercises the option.

Capacity - The power output rating of a generator, typically in megawatts, measured on an instantaneous basis.

Cash and Carry - An arbitrage transaction involving the simultaneous purchase of a cash commodity with borrowed money and the sale of the appropriate futures contract.

Cash Market - The physical market underlying a futures or options contract.

Cash Settlement - The settlement of futures or options by paying a cash difference, rather than taking/making physical delivery.

Channel - Like it sounds a channel in which prices are moving. Parallel trend lines are drawn along the lows and highs of a price chart, forming a channel in which prices move. The trend lines form areas of support and resistance. Depending on the trend, the channel can be a down channel or an up channel.

CIF - Cost, insurance and freight charges for shipping products.

City Gate - Physical location where gas is delivered by a pipeline to a local distribution company.

Clearing - The process of matching trades, settling trades and provision of a guarantee for traded contracts, often a service performed by exchanges .

Clearing Fee -A fee charged by a clearing house for clearing trades.

Close Out - Finalizing a transaction by making an equal and opposite trade to an open position.

CNG - Compressed natural gas, an automotive fuel.

Cogeneration - The production of both electricity and useful thermal energy from the same energy source. Natural gas tends to be a favored fuel for combined-cycle cogeneration units, in which waste heat is converted to electricity.

Combination hedging - A risk management strategy that uses a combination of hedges using different derivative instruments

Congestion - When prices trade at similar levels over a period of time, the chart becomes cluttered with business at these levels and is referred to as 'congested'. Congestion areas are often seen as providing support/resistance. They are the levels at which, rather than breaking into new ground, prices tend to bog down and become trapped.

Consolidation - Prices moving in a broadly sideways range after a sharp move in one direction. If the prices have risen sharply, the gains are ‘consolidated’, often for several days after the major move.

Contango - Market situation where prices are higher for forward delivery dates than for nearer delivery dates. The opposite of backwardation is backwardation.

Conway – Conway, Kansas. The main propane trading hub in the Midwest United States.

Covered option - An option written against an underlying position.

Cushing – Cushing, Oklahoma. The delivery point for NYMEX WTI crude oil futures.

Crack Spread – The spread differential which represents refining margins. For example, if crude

oil is trading at $65/BBL and gasoline is trading at 2.25/gal then the crack spread is $29.50.

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Degree Day - Degree days are measured as the number of degrees above or below a standardized temperature on any given day. In winter, traders track heating degree days week by week, or month by month, normally against a standard temperature of 65F, on the basis of how many degrees of heat are required to bring the temperature up 65F. In summer, the market tracks cooling degree days, which are computed in the opposite manner.

Dekatherm - A unit of heating value equal to 10 therms or 1 MMBtu or roughly 1Mcf = 1

MMBtu = 1 million British thermal units (btu).

Delta - The rate of change of the value of an option with respect to changes in the price of the underlying commodity.

Delta Hedging - The process whereby the grantor of an option decides to buy or sell more or less of an underlying futures contract in order to protect against being declared upon by the options holder. If delta hedging, the grantor of a call option will buy more of the futures contract if it rises in value towards the strike price (as the probability of being declared upon rises towards 100%). The grantor of a put option will typically sell more of the underlying futures contract if it slides in value (as the probability of being declared upon rises towards 100%).

Delta Neutral - A state where the grantor of an option has balanced the probability of being declared upon through buying/selling the underlying futures contract.

Demurrage - The detention or delay of a vessel in loading or unloading beyond the time agreed upon. Demurrage charges are usually incurred for any delay.

Differential - The difference between two prices. A large and increasing percentage of all oil transactions are effected on the basis of differentials, also known as spreads, rather than outright flat prices.

DOE – United States Department of Energy.

Dow Theory - Theory of market movement developed by Charles Dow that prices move in defined trends of successive higher peaks and higher troughs in an uptrend, and lower peaks and lower troughs in a downtrend. Dow divides trends into primary, secondary and minor. Volume patterns are associated with specific points in a trend. Dow Theory is the foundation of most modern technical theory.

Dry Gas - Natural gas which does not contain liquid hydrocarbons. Gas is usually priced on a dry basis.

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EIA – Energy Information Administration.

EFP - Exchange of futures for physical: refers to the exchange of a futures position for a physical (swap) position.

Elliott Wave - A theory developed by Ralph Elliott that prices move in a main five-wave trend followed by a corrective three- wave trend, the extent and scope of which are governed by certain commonly seen ratios.

European Option – An Option that can only be exercised on the date of expiry. These typically trade in the OTC markets.

Exchange-Traded - Futures or options that are traded on an exchange such as NYMEX or ICE, with standard contracts and rules.

Exercise - The procedure by which an option holder takes up the rights to the contract and is delivered a long (call) or short (put) futures position by the grantor at a fixed price.

Expiry (Expiration Date) - The date by which an option holder must decide whether to exercise or abandon an option.

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Feedstock Gas - Gas used as araw material for chemical properties in creating an end product (likeplastics or fertilizer).

FERC - Federal Energy RegulatoryCommission. A US federal agency created in 1977 to regulate, amongother things, interstate wholesale gas and transportation of gas andelectricity at "just and reasonable" rates. Located inWashington.

FERC order 636 - The 1992 orderthat unbundled US pipeline services, requiring pipelines to ceasetheir merchant function and instead become solely a transporter ofgas.

Fibonacci - Fibonacci levels arecommonly observed ratios between the size of a main trend andretracements. The main ratios are 38.2%, 50%, 61.8%, 100% and 161.8%.These ratios are derived from the number series named after theItalian mathematician: 1, 1, 2, 3, 5, 8, 13, 21, etc... If the firstterm is divided by the one to the right of it, the result gets nearerand nearer to 0.618, a ratio that recurs in nature and art.

Firm Gas - Natural gas sold on acontinuous basis for a defined contract term.

Firm Power - Electricitycapacity intended to be available at all times during the periodcovered by a guaranteed commitment to deliver, even under adverseconditions, but subject to force majeure interruptions. Firm powerconsists of either firm energy, firm capacity, or both Force Majeure- Denotes circumstances beyond the control of a company, which forcethe breaking of a contract.

Free on Board (FOB) - FOB pricesexclude all insurance and freight charges. Most oil is sold eitherFOB (effectively priced at the loading port) or CIF (effectivelypriced at the delivery port).

Fuel Switching - Substitutingone fuel for another based on price and availability. Largeindustries often have the capability of using either oil or naturalgas to fuel their operation and of making the switch on short notice.

Futures - An agreement to makeor take delivery of a commodity at a fixed date or strip of dates inthe future, at a price agreed upon at the time of dealing.

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Gallon - There are 42 US gallonsin a barrel.

Gamma - The rate of change indelta per unit change in the underlying instrument.

Gasoil - An intermediatedistillate product used for diesel fuel, heating fuel and sometimesas feedstock. In US parlance: No. 2 Heating Oil.

Gasoline - Volatile motor fuelused in cars.

Generation - The process ofproducing electricity by transforming other forms of energy such assteam, heat or falling water. Also, the amount of electricityproduced, expressed in kilowatt hours (kWh) or megawatt hours (MWh).

Generator - A producer ofelectricity, both literally and figuratively.

Gigajoule (GJ) - A joule is aninternational unit of energy defined as the energy produced from onewatt flowing for one second. A very small unit of energy, there are3-6-mil joules in a kilowatt-hour. For gas, one gigajoule = 0.96 Mcfunder standard temperature and pressure conditions.

Group 3 - Formerly threerailroad companies in Tulsa, Oklahoma. Group 3 now refers to thepipeline price of petroleum commodities from Tulsa to Minnesota inthe US.

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Head and Shoulders - A reversalpattern characterized by a high, a higher high, a lower high, and abreak below the line joining the lows between the highs, theso-called neck-line.

Hedge - The reduction of risk bycovering anticipated commitments, in the future, through a swap,future or option contract.

Henry Hub - A pipelineinterchange near Erath, Louisiana, where a number of interstate andintrastate pipelines interconnect through a header system operated bySabine Pipe Line. It is the standard delivery point for the NYMEXnatural gas futures contract in the US.

Historic Volatility - The changein the absolute value of a commodity or instrument over a certainperiod, expressed as a percentage of the lowest price recorded inthat period.

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IEA – International EnergyAgency.

Implied Volatility - Thevolatility implied by a certain option price.

Index Swap - In the natural gasmarket in North America, index swaps are often used to hedge againstlocation price risk (a form of basis risk). The seller receives afixed, or otherwise determined, price and pays the buyer thepublished index value for natural gas from a specified location.

Interruptible Gas - Gas sold tocustomers with a provision that permits curtailment or cessation ofservice at the discretion of the supplier.

Inter-Month spread -Simultaneous purchase and sale of a future in two separate tradingperiods.

In-The-Money Option - An optionwhich has intrinsic value. A put option is in-the-money when itsstrike price is above the value of the underlying futures contract. Acall option is in-themoney when its strike price is below the valueof the underlying futures contract.

Intrinsic Value - The value toan option holder if (s)he were to exercise an option today.

IPP - Independent power producer– Unregulated power generators which, unlike utilities, have nofranchised retail service territories. Even a plant built by aninvestor-owned utility to serve its native retail load is not an IPP.It’s still a utility plant. Also, utilities that form affiliatesand build outside of their territories can be IPPs.

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No Glossary Terms

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Kilowatt - One kilowatt equals1000 watts. Abbreviates to kW.

Kilowatt-Hour (KWh)- The basicunit for pricing electric energy, equal to one kilowatt of powersupplied continuously for one hour (or the amount of electricityneeded to light ten 100-watt light bulbs for one hour). One kWhequals 1,000 watt-hours. One kWh = 3.306 cu ft of natural gas.

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Lambda - The measure of the rateat which fuel is consumed relative to electric output, expressed inBtu's per kWh.

LIBOR (London Interbank OfferedRate) - Forward foreign exchange interest rates.

Lifting - The act of loadingpetroleum or petroleum products at a terminal or transfer point.

Light Crude Oil - Has an APIgravity higher than 33 degrees. The higher the API gravity, thelighter the crude oil.

Light Ends - Group of petroleumproducts with the lowest boiling temperatures, including gasoline anddistillate fuels.

Liter - A liter is 1,000th of acubic meter. There are 3.78541 liters in a gallon.

LLS - Light Louisiana Sweet. AUS crude oil.

LNG - Liquefied natural gas.Natural gas converted to a liquid state by pressure and severecooling, and then returned to a gaseous state to be used as fuel. LNGis moved in tankers, not via pipelines. LNG, which is predominantlymethane, artificially liquefied, is not to be confused with NGLs,natural gas liquids, heavier fractions which occur naturally asliquids.

Load - The amount of electricitydelivered or required at any specific point or points on a system.The load of an electricity system is affected by many factors andchanges on a daily, seasonal, and annual basis, typically following apattern. System load is usually measured in megawatts (MW).

Long position – When a traderbuys a commodity, in the hope that its value will go up, he is saidto be long.

LPG - Liquefied petroleum gas,typically ethane, propane, butane and isobutane. Usually produced atrefineries or natural gas processing plants, including plants thatfractionate raw natural gas plant liquids. LPG can also occurnaturally as a condensate.

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Margins - A deposit paid on afutures transaction. Initial margin is paid, followed by top-ups asthe position develops. Margins are paid to the exchange.

Marginal Cost Pricing - A systemof pricing designed to ignore all costs except those associated withproducing the next increment of power generation. Sometimes referredto as incremental cost pricing.

Mark-to-Market - To revaluefutures/option positions using current market prices to determineprofit/loss.

Mcf - One thousand cubic feet ofnatural gas.

Megawatt (mw) - A unit ofelectrical power equal to one million watts or one thousandkilowatts.

Megawatt-Hour (MWh) - Onemillion watt-hours of electricity. A unit of electrical energy whichequals one megawatt of power used for one hour.

MMbtu - One million Britishthermal units.

MMcf - One million cubic feet ofnatural gas.

MMS - The US Minerals ManagementService, an agency of the Interior Department.

Mogas - Used in some markets asa substitute term for gasoline.

Momentum - The simple differencebetween the price now and the price N days ago. Momentum is negativeif the price now is below the price N days ago, and positive if it isabove.

Mont Belvieu – Mont Belvieu,Texas. The main propane trading hub along the United States GulfCoast.

Moving Average - The mean ofprices over a pre-defined period, for instance, the previous fivedays. The moving average for different time periods can be charted togenerate short- and medium-term buy/sell signals.

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Naked option - A short optionposition in which the writer does not have the underlying commodity.

National Energy Board - TheCanadian regulatory body which oversees interprovincial natural gastrade and pipelines. Located in Calgary, Alberta.

Natural Gas - A naturallyoccurring mixture of hydrocarbon and non-hydrocarbon gases found inporous geological formations beneath the earth's surface, often inassociation with petroleum. The principal constituent is methane.

NGL - Natural gas liquids. Caninclude ethane, propane, butane, isobutane and naturalgasoline/condensate. Not to be confused with LNG, liquefied naturalgas. LNG is artificially liquefied methane, not the heavier fractionsdefined as NGLs.

NYH – New York Harbor – Thedelivery point for the NYMEX gasoline and heating oil contracts.

NYMEX - New York MercantileExchange. Also known in the energy industry as "the NY Merc".

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Offer - An indication ofwillingness to sell a specified amount of a commodity at a specificprice.

Off-Peak - Light load hours. Thetime of the day when a power system would experience its lightestload, usually in the middle of the night.

OPEC - The Organization of thePetroleum Exporting Countries. Group of crude-producing countrieswhich has used its collective weight of production since OPEC wasfounded in 1960 in an attempt to influence oil prices.

Open Interest - Open interest isthe number of open contracts on a given future or options contract.Longs or shorts that have not been closed out are OI.Short-covering/profit-taking will tend to reduce OI.

Options - A contract under whichthe writer of the option gives someone the right but not theobligation to buy or sell an underlying commodity, for instance, afutures contract. Options can be over-the-counter or exchange-traded.

OPIS – Oil Price InformationService

Out of the Money Option (OTM) -An option with an exercise prices lower than the current market levelof the underlying instrument. Such an option has no intrinsic value,but has got time value, as price changes in the underlying mightbring it back into the money.

Over the counter (OTC) -Bilateral markets in which contracts for futures, options and swapsare written on a tailor-made basis.

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PADD - Petroleum Allocation forDefense District. A group of five geographic areas in the US used inreference to petroleum distribution.

Parking - Providing a customerwith temporary gas storage, typically at a market hub.

Peak Demand - The maximum loadduring a specified period of time.

Peak Load - The maximumelectrical load demand in a stated period of time. On a daily basis,peak loads occur at midmorning and/or in the early evening.

Peak Load Plant (Peaker) - Aplant usually housing low-efficiency, quick response steam units, gasturbines, diesels, or pumped-storage hydroelectric equipment normallyused during the maximum load periods. Characterized by quick starttimes and generally high operating costs, but low capital costs.

Peaking Capacity - Capacity ofgenerating equipment normally reserved for operation during the hoursof highest daily, weekly, or seasonal loads.

Physical Delivery - The transferof ownership of an underlying commodity between a buyer and seller tosettle a futures contract following expiry.

Posted Price - Outright,non-market-related price requested by a seller of crude oil orproducts. Effectively, the list price.

PPM (Parts per million) -Typically used to designate amount of metals or other impurities inrefined oil products.

Pre-Paid Swap - By means of apre-paid swap, the fixed payments that form one side of thecash-flows generated by a standard swap, and which are normally paidover the life of the swap, arc discounted hack to their net pre-sentvalue and paid as an immediate cash sum to one of the swapcounterparties. That counterparty will then make floating pricepay-merits over the life of the swap, just as in a standard swap.

Premium - The price of anoption, as determined by an options pricing model.

Prompt - A prompt cargodescribes a cargo available for immediate lifting (one to two days).Prompt tonnage refers to tankers available to lift cargoesimmediately.

Put Option - The right, but notthe obligation, to sell a commodity, for instance, a future.

Puts/Call Ratio - The ratio ofputs to calls in an options market.

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No Glossary Terms

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Rack Price - The price ofpetroleum products at a refinery or wholesale loading rack. Rackpricing is effectively cash and carry at the rack.

Resistance - A price at whichsellers are likely to enter the market in an uptrend.

Resids - Oil market jargon forresidual fuel oils.

Resistance - A price at whichsellers are likely to enter the market in an uptrend.

Reverse Tolling- When a gaspipeline recalls gas used for electric generation and diverts it toend-use markets when gas prices are higher than power prices.

RFG- Reformulated gasoline. USspecified gasoline formulated with a higher oxygen content thanpre-1990s gasolines. RFG is specified to contain 2.7% oxygen, and isdesigned for yearround use in urban areas. So-called oxygenatedgasoline is specified with a 2% oxygen content, and is intended forwinter use.

Rho - The rate of change of thevalue of an option with respect to the risk-free rate of interest.

Roll Over - The transfer of aposition from one futures period to another involving the purchase(sale) of the nearby month and simultaneous sale (purchase) of afurther-forward month.

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Secondary Market - In naturalgas, the trading of transportation capacity.

Settlement Price - A priceestablished at the close of a trading day used to calculate thesettlement of futures contracts.

Short position – When a tradersells a commodity he doesn't own, with a view of buying it cheaper ata later date, he is said to be short.

Sour/Sweet Crude - Definitionswhich describe the degree of a given crude's sulfur content. Sourcrudes are high in sulfur, sweet crudes are low.

Sour/Sweet Gas - Sour gas isnatural gas which contains lethal hydrogen sulfide, and must bepurified before being injected into a pipeline. Sweet gas is gasfound in its natural state which does not need to be purified toremove sulfur-bearing compounds.

Spark Spread - The costdifference of converting natural gas into electricity. It can also bethe difference between gas and electricity futures prices.

Spot Market - A market where thecommodity being traded is for immediate delivery.

SPR – United States StrategicPetroleum Reserve.

Spread - The difference betweentwo prices, either across time or between commodities or instruments.

Spread (options) - An optiontrade in which two or more open positions are established in order totrade the differentials and offset risk. Option spreads may usedifferent strike prices and/or expiry dates.

Spread-Trading - Buying oneinstrument/commodity and selling another, with a view to profitingfrom the change in the gap between the two markets.

Stop-Loss Order - Buy or sellorders put in through a broker, which are automatically triggered ifthe price moves above or below a certain level.

Storage - In oil: typicallyonland tankage facilities for short- or long-term storage of crude orproducts; sometimes used in economic parlance interchangeably withthe concept of oil stocks. In natural gas: facilities used to storenatural gas which has been transferred from its original location.Usually consists of natural geological reservoirs like depleted oilor gas fields, water bearing sands sealed on top by an impermeablecap rock, underground salt domes, bedded salt formations, or in ratecases, abandoned mines.

Straddle (long) – Thesimultaneous purchase of a put and a call option with differentmaturities. This is a bet that volatility will increase; the rise inthe value of one option will offset the nonproductive premium paid bythe other option.

Straddle (short) – Thesimultaneous sale of a put and a call with different maturities, witha view that volatility will go down.

Strangle - Buying call andbuying put with the same maturity.

Strike Price - The price atwhich an option holder has the right to buy or sell an underlyingcommodity/derivative.

Support - A price at whichbuyers are likely to start buying in a downtrend.

Swap – An exchange of streamsof payments over time according to specified terms of the contract.Generally one party agrees to pay a fixed price in return forreceiving a floating price from another party. If the floating pricerises, the buyer of the swap receives a payment from the seller ofthe swap equal to the current market price minus the fixed price ofthe swap. If the floating price falls, the buyer of the swap paysthe seller of the swap the floating price of the swap minus thecurrent price of the swap.

Swaption – An Option topurchase (call swaption) or sell (put swaption) a swap at some futuredate.

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Take-or-Pay - A clause in anenergy (natural gas, electricity, crude oil) supply contract whichprovides that a minimum quantity of energy be paid for, whether ornot delivery is accepted by the purchaser.

Theta - The rate of change ofthe value of an option with respect to time.

Throughput - The volume ofenergy flowing through a pipeline, refinery or terminal.

Time Value - The time componentin a premium for an option. Typically the time value of an optiondeclines as it moves closer to expiry.

Tolling Arrangement - Anarrangement whereby a party moves fuel to a power generator andreceives kilowatt hours (kWh) in return for a pre-established fee.

Tolling Fee - A fee paid for useof electric generation assets used to convert fuel to power.

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Unconventional Gas - Natural gasthat cannot be produced using current technologies.

Uncovered Position (futures)-Where a long market player has bought more of a commodity

then he has agreed to sell, or where ashort market player has sold more of a commodity than

(s)he has to deliver.

Uncovered Position (options) -When the grantor of an options position has no cover in theunderlying futures market against a price swing in the holder's favor(see delta hedging).

USAC - Tanker and marketabbreviation for US Atlantic Coast.

USEC - Petrochemical marketsabbreviation for US East Coast.

USGC - Market abbreviation forUnited States Gulf Coast.

USWC - Tanker and marketabbreviation for US West Coast.

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Vega - The rate of change of thevalue of an option with respect to the volatility of the underlyinginstrument (also sometimes called kappa).

Volatility - A value attributedto an underlying futures contract which determines the premium thatis set by the grantor. Includes an element of historical volatility,and the volatility which the grantor of an option believes will stillbe seen in that futures contract.

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Watt - A measure of real powerproduction or usage equal to one Joule per second. The rate of energytransfer equivalent to 1 ampere flowing under a pressure of 1 volt.

Wet Gas - Natural gas containingliquefiable hydrocarbons. Natural gasoline, butane, pentane and otherlight hydrocarbons can be removed by chilling and pressure orextraction. It also refers to gas that has water in excess of 7lb/milcu ft (MMcf).

Wheeling - In the gas business,refers to the transfer of gas between pipelines. In the powerbusiness, refers to the transfer of electrons across transmissiongrids.

Wheeling Service - The movementof electricity from one system to another over transmissionfacilities of intervening systems. Wheeling service contracts can beestablished between two or more systems.

WTI (West Texas Intermediate crudeoil) - WTI crude is deemed to be traded at Cushing, Oklahoma.Traders typically refer to the NYMEX Light Sweet Crude futurescontract as the WTI contract.

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No Glossary Terms

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No Glossary Terms

Z

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No Glossary Terms