Terms

A grade of crude oil deliverable against the New York Mercantile Exchange light, sweet crude oil contract. Nominally, the benchmark crude of the U.S. oil industry.

The issuer or seller of an option contract.

A document of title issued by a warehouse or depository for a specific lot of stored metal that meets the specifications of the corresponding exchange metals futures contract. Metal that is "on warrant" is eligible for delivery against a short position on the exchange.

A document indicating a specific contract and location information of a commodity in storage; commonly used as the instrument of transfer of ownership in both cash and futures transactions.