Terminology for Futures trading

Depending on what one expects oft the market one can either open a long or short position:

Long position: The purchase of a future at the price of 1 Euro means the obligation to purchase the underlying at a later date (eg. 1.2.2024) at the price of 1 Euro.

Short position: The sale of a future at the price of 1 Euro means the obligation to sell the underlying at a later date (eg. 1.2.2024) at the price of 1 Euro.

Each futures contract has a maturity period. During the maturity period, one can open and close positions. For example, one can close a long or short position by opening a counterposition. The delivery (if the positions are not closed) happens at the maturity date. People with short positions have to deliver. People with long positions have to accept goods.

Each contract has a certain maturity and therefore also a maturity. During
positions can be opened and closed during the term. An effective delivery
takes place, if at all, at the end of the contract term. Market participants with
open short positions must deliver, those with open long positions must decrease

Open interest is the total number of outstanding derivative positions.