early open sunday for nymex energy

S

SethArb

nymex declares an early open ( 3 1/2 hours earlier )
sunday for nymex energy


www.nymex.com/notice_to_member.aspx?id=ntm451&archive=2008

-Notice to Members -

-Notice No. 451-
-08/29/2008 -

-CME Group Revised Labor Day Holiday Hours for NYMEX Energy Products -

-In response to concerns about Hurricane Gustav, CME Group, the world’s largest and most diverse derivatives exchange, today announced that it has revised its Labor Day holiday trading schedule (all times are Eastern time) for NYMEX energy products. On Sunday, August 31, all NYMEX energy products trading on the CME Globex® electronic trading platform will open for trading at 2:30 p.m. (Eastern), with a 2:00 p.m. (Eastern) pre-opening, for a September 2, 2008, trade date.-
 
Quote from SethArb:

On Sunday, August 31, all NYMEX energy products trading on the CME Globex® electronic trading platform will open for trading at 2:30 p.m. (Eastern), with a 2:00 p.m. (Eastern) pre-opening, for a September 2, 2008, trade date.-
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what is the difference between the 2:30 open and the 2:00 pre-opening?
 
Quote from Rtrader2525:

A bunch I hope I am heavily long as are a bunch of people that I know
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See the action on Friday?
Please tell me that you guys are a bunch of noobs and that will cement a collapsing open on ANY sign of weakening...

Seriously, I hope your trade works out (but only after a collapse in the face of a major hurricane...I love it when these contradictory things happen)...
 
Quote from PohPoh:

See the action on Friday?
Please tell me that you guys are a bunch of noobs and that will cement a collapsing open on ANY sign of weakening...

Seriously, I hope your trade works out (but only after a collapse in the face of a major hurricane...I love it when these contradictory things happen)...
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Isn't the contradictory part be buying since obviously, it was sold down towards the last 15 minutes of market (if I recall correctly).

Also, the price seemed like people weren't willing to take the risk that hurricane might be a non-event as far as the refineries are concerned.

I actually bought at closing, right around 116. Just 1 contract though. I thought it's worth a gamble.
 
Quote from polpolik:

Isn't the contradictory part be buying since obviously, it was sold down towards the last 15 minutes of market (if I recall correctly).

Also, the price seemed like people weren't willing to take the risk that hurricane might be a non-event as far as the refineries are concerned.

I actually bought at closing, right around 116. Just 1 contract though. I thought it's worth a gamble.
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Yeah, natural gas and crude were selling off a bit to close Friday because Gustav seemed to be becoming less of a threat as the day wore on. That changed drastically overnight, though.

It's hard to imagine natural gas and crude not popping quite a bit tomorrow unless the Gustav situation improves dramatically tonight. Right now, the storm is headed right for the natural gas and crude platforms, at high intensity.

Not to mention, Hannah is still projected to hit the Gulf as well, where it could build in strength ala Gustav.
 
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