The last day to trade the CL March contract according to CME is 2/20/14 (Thursday). You should have probably moved on to the April contract by then, but let's say you are still trading March. 1. When does the trading day end for the March contract? Does it end at 5:15 PM ET on 2/20/14? Or does it end 11:59 PM ET? 2. What usually happens if you are holding a contract 5 minutes before trading ends.............does a broker "usually" close you out, similar to a margin call sellout? 3. What happens if you don't sell? Do you have to pay to store the product in Cushing, Oklahoma & then find some way to get rid of it? How much would that cost a person? Thanks. (One other question: CL trades on CME Globex................what is NYMEX & it's relation to CME?).
Well if you take delivery, get you ass over to Home Depot and buy 8400 5 gallon buckets, ASAP Don't forget the lids.
Yes, most brokers would close the position for you. However, check with your broker, to make sure. NYMEX was acquired by CME about 5 years ago.