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
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
Analysis of costs and pricing to determine profitable arbitrage opportunities.
Argus
Price reporting agency providing benchmark assessments for energy markets.
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.
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
Trader's strong buying or selling interest in a particular market.