THE Price of Crude Thread pt 1 (merged) Archived

strider3700 · **Posted:** Fri Sep 30, 2005 9:24 am

It's end of the period and you either sell your contracts or take delivery of the gasoline today. so everyone that didn't really want to take home a few thousand gallons of gas has to sell. Look for a run up next week.

khebab · **Posted:** Fri Sep 30, 2005 9:32 am

strider3700 wrote:

It's end of the period and you either sell your contracts or take delivery of the gasoline today. so everyone that didn't really want to take home a few thousand gallons of gas has to sell. Look for a run up next week.

I thought it was last week:

Quote:

Last Trading Day
Crude Oil Futures: Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month preceding the delivery month. If the 25th calendar day of the month is a non-business day, trading shall cease on the third business day prior to the last business day preceding the 25th calendar day.
Options: Trading ends three business days before the underlying futures contract.

strider3700 · **Posted:** Fri Sep 30, 2005 10:39 am

hmm so it was. It is the last day of qrt3 so that might be making a difference. I remember cramer recommended getting in on natural gas stocks but to wait until next week because lots of big funds are moving around to get their numbers looking good right before the end of quarter

joewp · **Posted:** Fri Sep 30, 2005 9:23 pm

Actually Strider, you were correct. Today er, yesterday, was 9/30:

Quote:

Last Trading Day
Trading terminates at the close of business on the last business day of the month preceding the delivery month.

NYMEX Gasoline Futures

You had to dump your heating oil contracts today, too. Just want to set the record straight.

gnm · **Posted:** Tue Oct 04, 2005 8:11 am

Hmmm, crude down to 63.50 now, Gasoline down to 199, But NG still maintaining over 14 for the most part... Any thoughts on whats driving the prices down?

-G

Eli · **Posted:** Tue Oct 04, 2005 8:20 am

People betting that demand is declining faster than expected and supply is going to be able to catch up.

But who really knows what the hell is going to happen. When the energy secretary of the US says there might be actual shortages coming in gasoline I do not get why the market goes down. But then again I do not play the commodity markets I just sit and watch and think to myself there is no way I would risk my cash in it. I would have better luck betting on black at the roulette wheel.

When the energy report comes out things could swing the other direction or tumble even farther down.

Pops · **Posted:** Tue Oct 04, 2005 9:36 am

Somebody once mentioned that some of these contracts have been held since oil was $10. I don’t blame them of taking the money!

Here is how Smith thought markets should work: http://www.bartleby.com/10/107.html

I didn’t see anything there about speculation (gambling) on futures contracts…

“In extended usage, gambling may also refer to engaging in any high-risk behavior in which decisions occur based upon incomplete knowledge - for example, high-risk stock investments (see speculation)
http://en.wikipedia.org/wiki/Gambling

IOW, don’t attribute perfect knowledge to what is basically a pinstriped casino.

gnm · **Posted:** Tue Oct 04, 2005 9:50 am

"A pinstriped casino"

:lol:

Thats a great quote Pops!

$63.35 and 197.00 now... I wonder how these will look when the petro report comes out tomorrow....

-G

khebab · **Posted:** Tue Oct 04, 2005 10:56 am

gnm wrote:

Hmmm, crude down to 63.50 now, Gasoline down to 199, But NG still maintaining over 14 for the most part... Any thoughts on whats driving the prices down?

-G

CNBC wrote:

All the momentum is in the energy market today as crude tumbled on anticipation of the government helping out if there is a heating oil shortage. Sell programs also exacerbated the drop in oil prices.
....
New York light crude futures fell $2.07 to $63.40 per barrel. "We hit a lot of sell stops after the market fell a dollar or so,'' a NYMEX floor trader told Reuters.

The White House is prepared to tap the Northeast Heating Oil Reserve if there are shortages of product this winter, Energy Secretary Sam Bodman told CNBC's "Squawk Box."

Heating oil for November delivery fell 7.09 cents, about 4%, to $2.01 per gallon. Natural gas fell 11.7 cents to $13.90 per million British Thermal units.

BabyPeanut · **Posted:** Tue Oct 04, 2005 11:41 am

Quote:

[url=http://www.wric.com/Global/story.asp?S=3933978&nav=0Rcx3aIN]Because many of the refineries in the Gulf were damaged or had to shut down production because of the hurricane, supply is lower. The SCC says people should get ready for an expensive winter.

"They should be probably saving for their heating bills rather than their Christmas gifts because of what people who heat with natural gas may be experiencing this winter in their monthly natural gas bill," said Stan Schrad of the State Corporation Commission.

Prices are expected to go up by about 47 percent this winter. That means if last December you paid $200 for your heating bill, this December you'll pay $300. And if it's an extra cold winter you'll pay even more.[/url]

rkerver · **Posted:** Tue Oct 04, 2005 1:20 pm

This is a cross post to boost interest in Massachusetts Initiatives, meeting Friday Oct 7th.

BabyPeanut · **Posted:** Wed Oct 05, 2005 9:34 am

Natural gas on NYMEX touched $14.75 today.

Rumors of $20 this winter are circulating.

strider3700 · **Posted:** Wed Oct 05, 2005 10:20 am

After the worst supply report in ages the prices are down across the board. Plunge protection team at it's best?

BabyPeanut · **Posted:** Wed Oct 05, 2005 10:22 am

strider3700 wrote:

After the worst supply report in ages the prices are down across the board. Plunge protection team at it's best?

My comments here: http://www.livejournal.com/community/pe ... 04315.html

Tanada · **Posted:** Wed Oct 05, 2005 4:25 pm

strider3700 wrote:

After the worst supply report in ages the prices are down across the board. Plunge protection team at it's best?

It is really bizzare, when it was reported on CNN last night that roughl;y 17% of gulf platforms were "destroyed" byt Katrina and Rita I was expecting the price to boom way up today.....yet it went down a bit instead....

I am glad at times like this I don't play the futures market.

THE Price of Crude Thread pt 1 (merged) Archived

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