early open sunday for nymex energy

Quote from Rtrader2525:

Im no noob my friend, a little bird told me that on friday a MASSIVE energy hedge fund got extremely long NG and they bought all they could buy. I like my odds. I hate making money off people's misery but that is trading sometimes sadly. In a perfect world Gustav takes out all the oil and natty rigs in the Gulf and then dissipates :)
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A little bird?
A massive energy hedge fund got long NG?
Please cite some sources...otherwise it's just rumoursville...
and trading off of rumours generally leads to....

The action on Friday suggested to me that several funds were still too long NG and selling it on every bounce higher...
 
That was widely reported on cnbc late in the day, chirp-chirp!



Quote from Rtrader2525:

Im no noob my friend, a little bird told me that on friday a MASSIVE energy hedge fund got extremely long NG and they bought all they could buy. I like my odds. I hate making money off people's misery but that is trading sometimes sadly. In a perfect world Gustav takes out all the oil and natty rigs in the Gulf and then dissipates :)
More...
 
Way to go tradestation:

As a result of concerns relating to Hurricane Gustav, the CME Group has made a change to its trading hours for all GLOBEX-traded NYMEX energy products for Sunday, August 31. On that date, all NYMEX energy markets traded through GLOBEX will open at 2:30 PM ET, and will begin a pre-opening trading period starting at 2:00 PM ET. Although you will be able to trade these products through TradeStation starting at 2:00 PM ET, your TradeStation charts will not begin to display price activity until 6:00 PM ET. If you would like to view Sunday’s price activity for these markets in TradeStation from 2:00 PM ET through 6:00 PM ET, you can do so using the Market Depth, Quote, and Time & Sales applications within the TradeStation platform.
 
Sorry gustav a cat 2 now and will be cat 3 to max a small 4 going into land WHICH IS EXACTLY WHAT TRADERS WHO SOLD IT HARD FRIDAY KNEW.maybe a very small spike then a total collapse in oil
late next week. $115 oil discounts destruction .
 
Quote from PohPoh:

A little bird?
A massive energy hedge fund got long NG?
Please cite some sources...otherwise it's just rumoursville...
and trading off of rumours generally leads to....

The action on Friday suggested to me that several funds were still too long NG and selling it on every bounce higher...
More...

???? Have you seen the CFTC COT? Specs are net 200K+ contracts short.
Just this week a net 28k+ new short contracts (ending the 26th).
Top 4 traders are holding 26.4% of the short open interest (1.2M contracts) after factoring in spreading ... That is about 317K net short contracts amongst 4 hedge fund players.



The price action you saw is called desperate position defense in an a demand inelastic and temporarily well supplied market.

One hit of similar magnitude to last horrible hurricanes could trim 900-1000bcf off of net production for the next 6-12 months. Combine that with a cold winter and natty could just as easily go to $20-30/mcf. [if you don't believe me, take a look a transco-z6 in NY prices in winter]

$20/mcf = 6:1 energy content ratio to $120 crude. As well, up until recently asian importers have been paying almost that for LNG.
 
Nothing has changed since friday. It was known friday it would be a cat 4 and the path has not changed 1 iota. Understand i'm not debating the amount of damage but what i'm saying is the the hurricaines power and track have not changed
 
I will continue selling any and all rallies above the $120 level in the Oct QM HARD, even as this storm plays out.....keep selling oil rallies for the long term play (it is not over with yet).

Not until CHENEY/bush start bombing Iran will I stop.....LOL!!! :D
 
Chart tells it all. I am a buyer on here and I like the risk reward. We've seen 2 weeks of indecisiveness and the market seemed like it has found good weekly support ~ based on candlestick pattern and long term trendline.

Gustav or no Gustav, I think we go up from here.


 
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