Basis: Basis is the difference between the current cash price of a commodity and the futures price of the same commodity. In more details, the Basis is the difference between the spot or cash price of a commodity and the price of the nearest futures contract for the same or a related commodity. Basis is usually computed in relation to the futures contract next to expire and may reflect different time periods, product forms, grades, or locations.
Cash Commodity: Cash Commodity (also referred to as Actuals.) is the actual physical commodity as distinguished from the futures contract based on the physical commodity. Cash Commodity sometimes called spot commodity
Futures: Futures (also called Futures Contract) is a legally binding agreement to buy or sell a commodity or financial instrument at a later date. Futures contracts are normally standardized according to the quality, quantity, delivery time and location for each commodity, with price as the only variable.
Futures Price: Futures Price could be referred to the price of a commodity for future delivery that is traded on a futures exchange or Futures Price could refer to the price of any futures contract.
Low: Low is the lowest price of the day for a particular futures or options on futures contract.
Offer: Offer is an indication of willingness to sell futures contract at a given price. Offer is opposite of bid, the price level of the offer may be referred to as the ask.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.