ERP GLOSSARY - B

Backwardation 现货溢价

A market where the price for nearby delivery is higher than for further forward months.

近期月份合约价格高于远期月份合约价格。

现货价格高于期货价格，基差为正值。由于需求远大于供给，现货价格高于期贷价格，近期合约价格相对于远期合约价格升幅更大时，就可以入市做牛市套利。出现这种情况有两个原因：一个近期对某种商品的需求非常迫切，远大于近期产量及库存量；二是预计将来该商品的供给会大幅度增加。

Contango 期货升水/溢价 (the opposite of backwardation)

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

Balancing平衡

The requirement imposed by power grids or natural gas pipelines to ensure supply and demand be equal over a certain period of time.

电网或天然气管道运行的要求，以保证供给和需求在一定时期内对等。

Barge 驳船

Vessel carrying oil, usually on rivers, containing between 8,000 and 50,000 barrels

运输石油的船只，通常为河道运输，装载量介于8000到50000桶。

Barrel (bbl) 桶（石油计量单位）

A volumetric unit of measure for crude oil and petroleum products. One barrel is equal to 42 US gallons.

原油和石油产品的体积计量单位，一桶油等于42美国加仑。

Baseload 基本负荷

The generation capacity that meets the minimum amount of demand throughout the entire 24 hour day (around-the-clock demand). Baseload power is generally supplied from plants that cannot be ramped up/down as quickly as peaking generation plants. Since Baseload demand is generally predictable and steady, its less expensive than peak power.

发电容量满足最低日负荷（日以继夜的需求）。负责生产基荷电力的电厂，通常无法像调峰电厂那样迅速增加或减少发电量。由于基本负荷通常可以预测，因此在价格上要低于高峰负荷（峰值）。

Baseload Plant 基荷电厂

A plant normally operated to take all or part of the minimum continuous load of a system, and which consequently produces electricity at an essentially constant rate. A base load plant typically has relatively high fixed costs and low unit operating costs. Traditionally, nuclear plants have been considered as base load plants.

运行承担全部或部分最小的系统连续负荷，因此在基本固定比率下生产电力。基荷电厂一般有相对较高的固定成本和较低的单位运行成本。传统上，核电被视为基荷电厂。

Basis 基差

The price gap for the same physical commodity, but at two different geographic locations.

处于不同地区的两个相同的实物商品的价差。

Basis Swap 基准掉期

Basis swaps are used to hedge exposure to basis risks, such as locational risk or time exposure risk.

Bearish 看跌的（熊市的）

The belief that the commodity price is going to fall.

Bullish 看涨的（牛市的）

The belief that the commodity price is going to rise. Opposite of bearish.

Bid 投标

An indication of willingness to buy a specified amount of a commodity at a specific price.

Bid/Ask (Bid/Offer) 买方应价/卖方出价（Bid-Ask Spread 买卖差价）

A measure of market liquidity. The bid is the price level at which buyers are willing to buy, and the ask/offer is the price level at which sellers are willing to sell. The tighter the spread, the higher the liquidity.

衡量市场流动性。应价是买方愿意支付的价格水平，出价是卖方愿意出售的价格水平。差价越小，流动性越高

Bituminous Coal 烟煤

A black or dark brown coal used as fuel in steam-electric power generation and manufacturing.

用于汽轮发电和制造的燃料

Black-Scholes 布莱克-肖尔斯期权定价模型

Options pricing theory derived by Fisher Black and Myron Scholes, based on the theory that price volatility is random around a given trend.

Brent 布伦特

The most commonly traded North Sea crude oil. Brent has an API of about 37.5.

北美最畅销的原油，API指数为37.5。

British Thermal Unit (btu) 英国热单位

The quantity of heat required to rise one pound of water one degree Fahrenheit at or near its point of maximum density. An MMbtu (-mil Btus) is roughly equivalant to a Mcf (a thousand cubic feet).

Burner Tip 燃烧器喷嘴

The point at which natural gas is used as a fuel.