A charge levied on persons or organizations based on the value of a transaction. It is normally a given percentage of the price at the retail or manufacturing stage and is a common form of sales tax; e.g. federal excise tax on new trucks and trailers.
Refers to the time frame that prices are effective for certain suppliers, from 6:00 p.m to 6:00 p.m the following day. This time for price changes differs from the standard 12:00 a.m. to 12:00 a.m. time change that most suppliers had used until the beginning of 2002. Prices are available to OPIS subscribers once the change is confirmed and shortly after the price change becomes effective, based upon local terminal times.
An average that appears in the OPIS weekly newsletter that includes closing averages for the prior Friday, Monday, Tuesday, Wednesday, and Thursday (except on certain holiday weeks). 5-day newsletter averages are ALWAYS gross.
Short for convenience store, but also applying to retail gasoline outlets which sell convenience goods such as milk, cigarettes, soft drinks and bread.
A transaction that results in the transportation of gas in a direction opposite of the aggregate physical flow of gas in the pipeline. This is typically achieved when the transporting pipeline redelivers gas at a point(s) upstream from the point(s) of receipt. A backhaul condition will exist as long as the aggregate backhaul transactions total less than the aggregate forward haul transactions. A backhaul transaction can result in a delivery by non-delivery or cut back (reduction) of physical flow at a delivery point.
An agent or broker representing a commission house, who generally takes and manages commodities futures and options orders, and often offers advice to trading clients.
A FERC rule that allows producers and their pipeline purchasers with pre-granted “blanket” authority to abandon sales when the contract has expired or has been mutually renegotiated. It also allows the abandonment of an expired or renegotiated contract between one pipeline and another.