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Definitions (75)
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103m3
One thousand (1,000) Cubic Metres of gas.
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aggregation
The process by which several smaller gas customers are grouped together under a supplier to meet the minimum consumption requirement.
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arbitrage
Buying a futures month on one exchange and selling the same month on another Exchange by buying both sides involving the same commodity.
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backhaul
Movement of gas from a Point of Receipt to a Point of Delivery such that the contractual direction of movement on the mainline is at all times and at all points along the path in a direction opposite to the design flow of gas in the pipeline.
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balancing
The matching of gas deliveries with actual consumption over a defined time period.
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baseload
The part of a gas buyer's gas needs that are relatively predictable. Or, the minimum amount of electric power delivered or required over a given period of time at a steady rate. Definition differs from company to company and region to region.
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basis
The difference between cash and future prices in hedge. Formula: Cash - Futures = Basis.
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basis or spread risk
The risk that the basis will change over the life of the hedge. The risk is referred to as basis risk when it arises in the context of an imperfect hedge, and as spread risk when the risk is willingly taken on.
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bid week
The period of time, up to 7 trading days, near the end of the month where cash deals are registered for the coming month's natural gas flows. Coincides with the expiration of the NYMEX spot futures contract.
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btu
One Btu is the quantity of heat necessary to raise the temperature of one pound of water one degree Fahrenheit. One Btu equals 252 calories, 778 foot pounds, 1,055 joules or 0.293 watt hours. For your home, it represents the measure of heat given off when fuel is burned for heating or the measure of heat extracted from your home for cooling.
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