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Was it just me or did anyone else think the way OPEC first confirmed the cut was well dodgy? They said it was a 4.2 mln cut (from september). Anyone reading and looking to trade that in a split second would have read that as bullish. Take a moment longer and you realise they have included...

Well the press release seems to be at 4pm from the link you posted. Algeria is GMT + 1 and EST is GMT -5 so I make that 10am Eastern Stanard Time? Like you pointed out it is only a 'tentative' schedule, so I guess we'll need to be on our toes all day. Personally, I believe that we've...

Congratulations. Do you want a medal??

Just found this guys..... http://www.cnbc.com/id/15840232?video=957884727&play=1 One thing I did overlook, which is a good point the guy made is the financing of margin calls should the back month selling positions go against them in the mean time.... I didn't quite agree with the...

What's to bet? If they can afford to finance the cost of purchasing oil now (i.e. the cost of borrowing money to pay for it (interest rate), or if they have the cash then the opporunity cost of not having it sat in a bank account earning interest), and afford the costs of storage of the...

This is just a play using the Settlements. People buy settlements through out the day, then smash the spread in the last hour hoping to get the settlement price lower than where they sold.

Good explanation from the guy above. Just to add, I would say 'contango' is considered the normal futures market. Backwardation is 'abnormal' condition or a sign of tight supply. Theoretically speaking anyway. The issue we have here is that the spreads are so far in contango, that there...

Cheers

Don't quote me on this but wasn't there some sort of agreement made when everyone was panicking at $100 plus that SPR wouldn't buy until the price went below $70? I'm suprised they're not buying anything at these prices??

Crude stocks at the delivery point in Cushing were up 2.4 mln bbls, so depends what way you look at it! Plus there's no demand at all, look at how the spreads have been weakening. Agreed it was just a short term play to use the figures as fodder for a quick gain. Ultimately the market's still...

There's no definitive value. The cost of carry can be different for every physical player. Each may be able to borrow money more cheaply, have cheaper storage costs etc. I guess that's what makes the market - Spread wise anyway.

Yep bunkinc is correct. It's priced in terms of barrels. Apologies people. Dec is currently -3.64 (RBOB discounted to Crude). There must be a whole load of RBOB about!!

What rosy2 said.... It's RBOB vs WTI crack spread. http://www.nymex.com/crack_spread_overvi.aspx The crack differential is basis RBOB (i.e. priced in terms of gals not barrels) and is traded on a 1 lot v 1 lot basis as the contract size is effectively the same. To get the Dec crack...

Agreed. I'd definitely not recommend having a dabble in oil. If you're successfully trading options, then you're clearly not stupid, but just be careful mate!

Good intro mate..... http://www.nymex.com/media/crackspread.pdf

It was all about going long the crack a few days ago. (not that I did!)

I believe that's because Brent is well supplied in Europe - therefore strong contango market. WTI is responding to the threat of the storm and so the spread (as of now) is trading backwardation. I'm sure if the storm doesn't do too much damage to the refineries then it will go back into...

At least it's not as bad as the London Stock Exchange. That's been f*cked all day!!

9.45am (ET) pre open. 9.55am (ET) open. What a joke!

RTRS - Ice exchange says preopening delayed again, no time set for restart