There is no way the shorts are going to sit on this volcano of a position heading over the weekend. Don't be surprised if we see some headlines next week about a trader/firm having blown up being short crude through this parabolic run.
Isn't limit @ $10? We're @ $9 as I post this. Crazy ass shit. edit - nevermind, just saw joh's post above
if you read the fine print on the contract specs it can keep going up another $10 in any direction after a five minute trading halt...and there is no limit to the number of halts. so essentially there is no limit, if I read this correctly. "If any contract is traded, bid, or offered at the limit for five minutes, trading is halted for five minutes. When trading resumes, the limit is expanded by $10.00 per barrel in either direction. If another halt were triggered, the market would continue to be expanded by $10.00 per barrel in either direction after each successive five-minute trading halt. There will be no maximum price fluctuation limits during any one trading session."