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Wow! Brent 5$ higher than Light
- Thread starter kashirin
- Start date
Interesting situation for sure. Someone pointed this out to me several days ago. Good thing I ignored it then! LOL. I can't figure out the fundamental reasons for the spread difference exactly. Part of the picture is that the refiners have been somewhat shut down in terms of producing gasoline, and therefore are not as big a buyer of crude as they usually are. We're getting an inventory build at Cushing OK. I would guess that sooner or later the refiners start buying...otherwise the sellers of crude are going to start selling elsewhere. The problem is that "sooner or later" part. I'm not tracking the spread...but I'd hate to be betting on the May spread due to time constraints...and I have no idea where the June spread trades.
Good luck with it though. Keep us posted.
OldTrader
Good luck with it though. Keep us posted.
OldTrader
I've been a buyer around 61.6/50 selling out all the position this morning on failure to break 62.15.
In my case im looking for a bounce on the 60/61 range. I'll buy around that area for a 1-2.5 points target.
Situation (although something new) looks like the classic 1-2 days issues giving us a pretty tradeable range in 4-5 points
In my case im looking for a bounce on the 60/61 range. I'll buy around that area for a 1-2.5 points target.
Situation (although something new) looks like the classic 1-2 days issues giving us a pretty tradeable range in 4-5 points
Quote from chauncey1:
I've been a buyer around 61.6/50 selling out all the position this morning on failure to break 62.15.
In my case im looking for a bounce on the 60/61 range. I'll buy around that area for a 1-2.5 points target.
Situation (although something new) looks like the classic 1-2 days issues giving us a pretty tradeable range in 4-5 points
Huh? Are you talking about the May WTI/Brent spread?? That's what the thread was discussing, the difference between the two crudes. There's been a lot in the media about it the past few days, with a glut of crude at Cushing due to the already mentioned refinery outages that OldTrader mentioned resulting in a lack of demand for the WTI. The May is out to 6 dollars this morning, and the June is currently running at 3.25....pretty f-in wide.
When you talk about points do you mean dollars per barrel?...