Buying Crude

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Pa(b)st Prime

I just bought 'em at 5355, 5357 and 5361. Me thinks we see a 57 handle before we see 52's. In any case I've got sell stops working a buck lower.
 
Quote from Pa(b)st Prime:

I just bought 'em at 5355, 5357 and 5361. Me thinks we see a 57 handle before we see 52's. In any case I've got sell stops working a buck lower.
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Is this a gut play?
 
Well,

The inventory news is priced in now. Presumably GS "adjustment" of their indexes has also been priced in . So, what's the downside for the rest of the week...

1. Bush does something clever. lol
2. OPEC decides to increase production -- about as likely.

All other catalysts that I can think of are negative...

Good point on expiry though. Everyone will have to roll or take delivery...
 
Quote from Trader KGB:

Those are Feb contract prices. You do know that the Feb contract expires for trading in under a week right?
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Thanks for the heads up. My clearing firm asked the same question. I'm clueless about energy markets!!! :)
 
If you bought CL (Pit Traded) I hope you have a few Tankers to take delivery on Feb 1!

If you are long QM, then you will be CASH settled.

surdo
 
Hmm ... I wonder if it'll do this?

The Fibs on the 60 min mark a 1:1 of the prior drop from 57.7 to 53.8 (so 56.2 to 52.4)
 

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