Terminology The terms of a futures contracts are standardized for each transaction The terms of a futures contracts are standardized for each transaction Volume Volume $/unit $/unit Delivery/Receipt Location Delivery/Receipt Location Each commodity contract has its own specific terms: Each commodity contract has its own specific terms: CommodityUnitsVolumeQuote Crude Oil Barrels1,000$/barrel Heating Oil Gallons42,000.$/gallon GasolineGallons42,000.$/gallon Natural Gas BTUs 10,000 MM $/MMBtu
{}