In view of the uncertainties in the realm of crude oil prices around the globe, here's a list of useful jargon in deciphering the currency and oil markets.

The list:

Dovish: A statement related to monetary policy which implies looser policy (lower rates).

Easy (Easing): refers to monetary policy tending towards lower interest rates. Monetary authorities (a central bank) will want easy monetary policies (lower interest rates and even perhaps a program like quantitative easing, in order to encourage economic growth

Fed: The Federal Reserve, the central bank for the United States

Footsie: UK stock index, the FTSE100

FOMC: Federal Open Market Committee, the monetary policy-setting group within the Federal Reserve Bank of the USA. It consists of 12 members, the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank presidents 9selected on a rotating basis for one-year terms).

Haircut: When bondholders are forced or voluntarily take a worse deal than the one outlined in the bond covenant.

Hawkish: A statement regarding monetary policy which implies tighter policy (higher rates)

Long: Being long is when you’ve bought with the intention of selling at a higher price in order to profit. For example, being long EUR/USD is have bought euro against USD, with the plan being to sell the euro at a higher price in order to profit

Quantitative ease: A strategy used by central banks once targeting short-term interest rates becomes ineffective because rates have reached zero (or close to it). The central bank buys assets, typically government bonds, in an effort to inject money into the economy.

Arbitrage:The simultaneous purchase of a commodity/derivative in one market and the sale of the same, or similar, commodity/derivative in another market in order to exploit price differentials-

Brent blend: The most commonly traded North Sea crude oil. Brent has an API of about 37.5. The blend is technically a mix of crude from the Shell UK-operated Brent field and the BP-operated Ninian field. The blend is, however, commonly referred to simply as Brent.

Call option: An option that gives the buyer (holder) the right but not the obligation to buy a specified quantity of an underlying futures at a fixed price, on or before a specified date. The grantor of the option is obliged to deliver the future at the fixed price if the holder exercises the option

Contango: Market situation where prices are higher for forward delivery dates than for nearer delivery dates

Feedstock: Raw material used in a processing plant.

Forward contract: An over‐the‐counter transaction between two companies involving the future delivery of a commodity at a specific date and location at a fixed price, established on the date at which the contract is originated. Similar to a futures contract, but forwards can be customized to suit the specific needs of the counterparties involved while a futures contract is standardized and traded on an exchange.

Hedge: The reduction of risk by covering anticipated commitments at a fixed price in the future through a futures or options contract. Buyers and sellers can hedge

LNG Liquefied natural gas: Natural gas converted to a liquid state by pressure and severe cooling, then returned to a gaseous state to be used as fuel. Acceptable first reference abbreviation. LNG is moved in tankers, not via pipelines. LNG, which is predominantly methane, artificially liquefied, is not to be confused with NGLs, natural gas liquids, heavier fractions which occur naturally as liquids..
natural gas

NYMEX: New York Mercantile Exchange. Also known in the energy industry as "the NY Merc".

OPEC:Full name is The Organization of the Petroleum Exporting Countries. Group of crude-producing countries which has used its collective weight of production since OPEC was founded in 1960 in an attempt to influence oil prices.

Current membership (May 2000): 11 countries—Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, UAE, Venezuela. Ecuador resigned from OPEC in 1992, Gabon in 1995. Founder members were Saudi Arabia, Iran, Iraq, Kuwait and Venezuela.

Tariff: rates an regulated entity will charge to provide service to its customers as well as the terms and conditions that it will follow in providing service.

WTI: West Texas Intermediate crude oil. WTI crude is deemed to be traded at Cushing, Oklahoma. Traders typically refer to the NYMEX Light Sweet Crude futures contract as the WTI contract, although the contract allows delivery of other grades.