We recently added a column named "location" (without the double quotes obviously) to a table and noticed that Toad highlighted this column in blue. I looked up Oracle reserved words in the Oracle database documentation, and location is not in there. So why is Toad highlighting this word as a reserved word?
LOCATION is defined as a keyword by the language management settings in Toad. It is not an Oracle reserved word, but it is highlighted in a similar style.
There are other words defined similarly in Toad's settings. This can be customized if desired.
The Toad settings can be reviewed in View | Options | Editor | Behavior | Syntax Highlighting | Rules.