A drill ship is a ship fitted with an oil and gas drilling platform. It is normally used for exploratory deep water drilling of new oil fields or gas wells. See also: Crude Oil Futures, Natural Gas Futures , Energy Trading

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The right of a seller to select, within the limits prescribed by a contract, the quality of the commodity delivered and the time and place of delivery.

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Any person that is in the business of soliciting or entering option transactions involving an enumerated agricultural commodity that are not conducted or executed on or subject to the rules of an exchange.

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An index of agricultural commodity contracts, including Wheat, Red Wheat, Corn, Soybeans, Cotton, Sugar, Coffee, Cocoa, and Orange Juice. Compiled by Goldman Sachs.

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Misleading sales pitches that one can earn large profits with little risk based on predictable seasonal changes in supply or demand, published reports or other well-known events.

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Seasonality refers to the rise and fall in prices according to the various times of year. For example, the price of heating oil rising in winter is an effect of seasonality. See also: Calendar Effects

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Aframax is a type of oil tanker. The first four letters of Aframax are an acronym for Average Freight Rate Assessment. Relatively small in size for a tanker it is well suited to short haul voyages, and has the ability to transport crude oil to most ports globally. See also: Futures Trading, Energy F

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The physical or cash commodity, as distinguished from a futures contract. See also Cash

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The tender and receipt of the actual commodity, the cash value of the commodity, or of a delivery instrument covering the commodity (e.g., warehouse receipts or shipping certificates), used to settle a futures contract. See also: Notice of Delivery, Deliv

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The total supply of a commodity that meets the delivery specifications of a futures contract. See also: Economically Deliverable Supply.

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