what crude is cnbc quoting?

[stock777]

........

 

[Haroki]

V, I think.

But remember that they have some lag time on their quotes, and as fast as it's moving, it sometimes doesn't jive.

 

[jnbadger]

CLV8. Screaming now. over 120.

 

[stock777]

took those idiots an hour to realize it was not legit, but a front month squeeze


god help anyone short that

 

[RiceRocket]

129, wow. Someone just got their ass handed to them.

 

[gobar]

henry Paulson wont come out to ban oil speculator

he will show is mouth where the money is....

 

[Kicking]

How is it possible to move the front like that without the November ?! Markets are sick. Me too.

 

[Jayford]

because its a squeeze on expiration. Don't need back months to move in this situation.

 

[SideShowBob]

Quote from Jayford:

because its a squeeze on expiration. Don't need back months to move in this situation.

I understand a short squeeze in stocks because shares can be called in and the market has a general upwards bias. I don't see how you get a squeeze in crude, even as it expires. I'm not arguing -- I just don't get why/how it would happen. Can you explain? Thanks. SSB

 

[DanielLambert]

Isnt it because the short sellers have got stung?


The short sellers had to close their positions today , else they would have to start physically delivering 1,000 barrels of oil for each contract. Therefore they were left with no option but to buy to close their october contracts... hence the spike in prices only in the October contract...