Was there any news that sparked the sell-off in Crude ?

TraderZones · May 15, 2008

Quote from brocklanders:

I have no idea... but it makes for a fantastic trading day. Maybe the clowns in congress talking about raising crude margins to 100%?

Wouldn't help much. It just would push the crude trading to other fuels or offshore. The only effect would be to lose revenue to other places.

crgarcia · May 15, 2008

Quote from robbie380:

crude was overdue for a pullback

Or at least for a plateau!

jasonjm · May 15, 2008

does anyone know if the giant crude fall co-incided with the ICE system failure?

IE did someone decide to rape the ICE crude traders?

mokwit · May 15, 2008

.....or vice versa i.e. with ICE down they couldn't play their games.

jasonjm · May 15, 2008

so ice dropping and the giant sell off are at same time today?

if thats true what a ridiculous circus crude oil is

Cutten · May 15, 2008

Quote from Landis82:

It has nothing to do with raising margin limits. It is about creating uniformity of position limits across ALL exchanges

I didn't realise the Senate had authority over foreign futures exchanges.

Cutten · May 15, 2008

Quote from Landis82:

Yes, the Senate is voting against the "Enron" loophole, that permits players from maxing out their positions under the CFTC on the NYMEX, and then heading over to the ICE to buy even more contracts.

The ICE has no position limits.

The Congress wants the CFTC to limit the players max positions across ALL exchanges, primary OR secondary ( ICE ).

If that is the reason, how come crude is unchanged on the day?

rodmike9 · May 15, 2008

Quote from Cutten:

If that is the reason, how come crude is unchanged on the day?

MAESTRO · May 23, 2008

Quote from Aaron Copland:

How are you doing with your puts?

I am doing well. How are you? Didn't you tell me that my short 1450 Calls and my long June 1 STD Puts will never work out? Well, they just did. I typically think through my positions very well before I take them. Good luck!
Cheers,
MAESTRO