USO Roll

Quote from xyannix:

See attached chart.

The problem is we can just as easily go into backwardation as we near May and then we are in the negatives again.

I plan on being out of this trade Wednesday the latest.
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can you pls. attach new .csv file ( save as .csv ) , I am having trouble opening it thanks
 
I hear you.

When I am scalping I would rather do it directional to pick up the .10 - .30.

With spreads ill let them run for a few days.
 
Here it is attached as a picture.

It wont let me save to CSV. Probably because of the chart in it.

I use IB as my broker.
 
xyanix:

are you trading the USO fund or crude futures?

looking at your chart, what is the 1st month? I'm guessing the spikes are spreads between delivery months right close to settle???

Pardon my ignorance, but I may not be inderstanding what you're talking about. :confused:

Can you give a 30 second crash course?
 
I am trading future contracts - CL on the NYMEX.

Shorted April - Bought May which is currently the 1st.

On the chart the 1st changes as the time changes.

USO is a money loser always. USL is interesting for longing crude.
 
Just to clarify guys, are any of you from the States?

Just in terms of the way you quote these spreads. I am from the UK. We always quote our spreads in terms of near term contract vs far term contract....

i.e. I am selling April May, at -2.00 (i.e. negative numbers denote contango, and positive numbers denote backwardation).

However, if I remember rightly you guys quote in terms of 'premium' irrelevant of what month is the front. So you would say I'd like to 'buy' the May April spread at +2.00?

It makes more logical sense to me to always quote basis the month that is closer to us - but I guess that's just what I've got used to.

Might be going slightly off topic, so apologies, but just wanted to confirm!

Have a great weekend people.
 
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