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COMMERCIALS. Volume is very light as this is the last trading day for the May Contract and Thursday is First Notice Day. My best guess is that brokers are auto liquidating spec retail positions and Commercials who were short and intended to make delivery bought a few at very advantageous price...

Today in CL it was a long squeeze. Cotton May 2011 was a short squeeze (Rallied to unprecedented highs because Louis Dreyfus was crazy long and intended (did in fact) to take delivery / all the other Commercials and big Specs were short).

Well at least it’s not the JETS.

TBH this is why I having been telling clients for years now to liquidate prompt physically settled contracts well before expiry. No measure of modeling or OI or COT data is going to predict a delivery or roll squeeze - that I’ve seen or am aware of at least. I have been telling clients about...

We'll have $20 Oil tomorrow with the June contract. In terms of the May contract meltdown - my GUESS is that some retail longs were autoliquidated by brokers. Commercials who were short and planning on making delivery offset some at ridiculous price levels. Just a guess but I think it's a good...

We'll have $20 Oil tomorrow with the June contract. ;)

We'll have $20 Oil tomorrow with the June contract. In terms of the May contract meltdown - my GUESS is that some retail longs were autoliquidated by brokers. Commercials who were short and planning on making delivery offset some at ridiculous price levels. Just a guess but I think it's a...

My GUESS is that some retail longs were autoliquidated by brokers. Commercials who were short and planning on making delivery offset some at ridiculous price levels. Just a guess but I think it's a good one.

There will be no May trading tomorrow. We'll have $20 Oil because June will be the front month. Longs were squeezed today on an expiring physical contract.

If you have not been pre approved by the exchange and your FCM/Broker to make or take physical delivery, you are going to get auto-liquidated by your Broker before last trading day and first notice day.

Unless you have the pre-approved bonafides to make or take physical delivery - which are considerable, you are going to get auto-liquidated by your broker before first notice day and the last trading day for physical contracts. Having traded both cash Treasuries and bilateral physical energy...

No. I would imagine that more than a few bottom picking retail types got auto-liquidated by their brokers today.

Strong ! :strong:

"Delivery shall be made free-on-board ("F.O.B.") at any pipeline or storage facility in Cushing, Oklahoma with pipeline access to Enterprise, Cushing storage or Enbridge, Cushing storage. Delivery shall be made in accordance with all applicable Federal executive orders and all applicable...

Good luck with that. You have to be approved by the exchange to do that. If it adds any color - Morgan Stanley quit doing the physical storage arb because it ate up too much capital. "Delivery shall be made free-on-board ("F.O.B.") at any pipeline or storage facility in Cushing, Oklahoma...

No doubt there well plenty of retail types bottom fishing who got auto-liquidated by their brokers at insane price levels.

CL Settlement Net Changes: May -55.90, Jun -4.60, Jly -3.14, Aug -2.69, Sep -2.24, Oct -1.90, Nov -1.64, Dec -1.41 May Volume: 224,816 Jun Volume: 1,136,362 Dec Volume: 81,901 CME just officially settled the May '20 CL Contract at: - $37.63

CL Settlement Net Changes: May -55.90, Jun -4.60, Jly -3.14, Aug -2.69, Sep -2.24, Oct -1.90, Nov -1.64, Dec -1.41 May Volume: 224,816 Jun Volume: 1,136,362 Dec Volume: 81,901 CME just officially settled the May '20 CL Contract at: - $37.63

CL Settlement Net Changes: May -55.90, Jun -4.60, Jly -3.14, Aug -2.69, Sep -2.24, Oct -1.90, Nov -1.64, Dec -1.41 May Volume: 224,816 Jun Volume: 1,136,362 Dec Volume: 81,901

CL Settlement Net Changes: May -55.90, Jun -4.60, Jly -3.14, Aug -2.69, Sep -2.24, Oct -1.90, Nov -1.64, Dec -1.41 May Volume: 224,816 Jun Volume: 1,136,362 Dec Volume: 81,901