M&C Energy Group Glossary |
Find here terms and their explanations commonly used in Energy Industry, Finance and Trading Boards
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| There are 30 entries in the glossary. |
| Pages: 1 |
| Landed Price | The actual delivered cost of oil to a refiner, taking into account all costs from production or purchase to the refinery. |
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| Last Notice Day | The final day on which notices of intent to deliver on futures contracts may be issued. |
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| Last Trading Day | The final trading day for a particular delivery month futures contract or options contract. Any futures contracts left open following this session must be settled by delivery. |
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| Lease | Financial instrument based upon the contango in the gold or silver market to finance precious metals inventory. |
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| Legal Tender | Coins that have been authorized by Congress. This includes circulating coins and all commemorative coins legislated by Congress. |
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| Licensed warehouses | Warehouses which have been approved for the storage of copper deliverable against the COMEX Division copper futures contract. |
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| Licensed Weighmaster | An organization approved by the Exchange to witness and verify the weighing of copper delivered against the COMEX Division copper futures contract. |
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| Lifting | Refers to tankers and barges loading cargoes of petroleum at a terminal or transshipment point. |
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| Light Crude | Crude oil with a low specific gravity and high API gravity due to the presence of a high proportion of light hydrocarbon fractions. |
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| Light Ends | The more volatile products of petroleum refining, such as butane, propane, and ethane. |
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| Limit | The maximum daily allowable amount a futures price may advance or decline in any one day's trading session. Limits are also placed on the number of positions a participant may hold in the market. |
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| Limit Order | A contingent order for an options or futures trade specifying a certain maximum (or minimum) price, beyond which the order (buy or sell) is not to be executed. |
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| Liquefied Natural Gas (LNG) | Natural gas which has been made liquid by reducing its temperature to minus 258 degrees Fahrenheit at atmospheric pressure. Its volume is 1/600 of gas in vapor form. |
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| Liquefied Petroleum Gas (LPG) | Propane, butane, or propane-butane mixtures derived from crude oil refining or natural gas fractionation. For convenience of transportation, these gases are liquefied through pressurization. |
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| Liquid Market | Propane, butane, or propane-butane mixtures derived from crude oil refining or natural gas fractionation. For convenience of transportation, these gases are liquefied through pressurization. |
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| Liquidation | The closing out of futures and options positions. |
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| Liquidity | A market is said to be "liquid" when it has a high level of trading activity and open interest. |
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| Load | The amount of electric power delivered or required at any specific point or points on an electrical system. The requirement originates at the energy-consuming equipment of the customer. |
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| Load Factor | Measures the relationship between unit consumption and maximum demand and is the percentage capacity utilisation figure of a site's power consumption. To calculate load factor take the total number of units of consumption, divide by the maximum demand, divide by the number of hours in the period, and multiply by 100. |
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| Load Following | The daily varying of power output by a generator. |
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| Load Management | The process of shifting the use of electricity from periods of high demand to periods of lower demand, when the cost of electricity is usually lower. |
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| Local | An exchange member who buys or sells futures and/or options for his own account. |
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| Local Distribution Company (LDC) | Company that distributes natural gas primarily to end-users. A gas utility. |
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| Locked Market | A market where prices have reached their daily trading limit and trading can only be conducted at that price or prices which are closer to the previous settlement price. |
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| Long | 1) The market position of a futures contract buyer whose purchase obligates him to accept delivery unless he liquidates his contract with an offsetting sale. 2) One who has bought a futures contract to establish a market position. 3) In the options market, position of the buyer of a call or put options contract. Opposite of short. |
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| Long Hedge | Purchase of futures against the future market price purchase or fixed price forward sale of a cash commodity to protect against price increases. |
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| Long the Basis | A person or firm that has bought the spot commodity and hedged with a sale of futures is said to be long the basis. |
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| Lot | Any definite quantity of a futures commodity of uniform grade; the standard unit of trading. |
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| Low Voltage | Low Voltage, normally at 240 or 415 Volts. |
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| LV | Low Voltage, normally at 240 or 415 Volts. |
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Glossary V2.0 |
