CL Redux

long 1 lot at 98.46

hold it overnight and see what happens.

SL 96.80

 

Futures Movers

March 16, 2011, 3:41 p.m. EDT
Crude futures settle higher after sharp selloff
Traders eye Japan; smaller-than-expected supply rise reported

By Claudia Assis and Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures settled higher Wednesday, helped by political unrest in Bahrain and some bargain-hunting after the prior session’s sharp drop, but their advance cooled after remarks about Japan’s nuclear crisis from a European Union energy official.

Crude for April delivery (NEW:CLJ11) rose 80 cents, or 0.8%, to end at $97.98 a barrel on the New York Mercantile Exchange. Earlier, oil had traded as high as $99.60.

Oil prices trimmed their gains as U.S. and European stocks fell sharply after the EU energy commissioner said the situation at Japan’s crippled nuclear plant was “out of control.” Read more on the EU energy commissioner’s remarks.

“That really scared the markets, and we really never recovered,” said Matt Smith, an oil analyst with Summit Energy in Kentucky.

Protests in Bahrain met a deadly end Wednesday, which provided the market with enough support to withstand the equities slump and the growing nuclear concerns in Japan.

The small island nation of Bahrain is not a major oil producer, but market anxiety stems from its proximity to key oil-producing fields in eastern Saudi Arabia, Smith added.

The two countries are connected by a bridge, and the market fears that unrest in Bahrain could spill over into Saudi Arabia, the world’s top oil exporter.

Oil prices also got a boost from a smaller-than-expected increase in U.S. inventories.

Earlier Wednesday, the Energy Information Administration reported crude-oil supplies rose 1.7 million barrels for the week ended March 11. Analysts polled by Platts had expected a rise of 2.1 million barrels.

The agency reported that gasoline supplies declined 4.2 million barrels, versus expectations of a decline of 1.5 million barrels, according to Platts.

Stocks of distillates, which include heating oil and diesel, decreased 2.6 million, the EIA reported. The analysts had expected distillate stocks down 1.4 million barrels.

On Tuesday, crude futures had slumped 4% in New York after new blasts and fire in Japan’s Fukushima Daiichi power plant prompted Prime Minister Naoto Kan to warn of a “substantial” radiation leak.

The situation at the plant, damaged by last week’s earthquake and tsunami, remained fast-changing and precarious Wednesday, with Japanese authorities announcing that a second reactor may have ruptured and appeared be leaking a cloud of radiation.

Wednesday’s advance in oil prices came as Japan’s Nikkei Stock Average (NIHON:JP:NI225) climbed almost 6%, after plunging more than 16% in the previous two sessions. Read more about the Tokyo market.

Natural-gas prices turned lower as forecasts of plentiful supplies trumped expectations that demand for the product would rise as Japan would import more natural gas, coal and other sources of fuel to make up for losses in its nuclear energy grid.

The April contract (NEW:NGJ11) lost less than a penny, or 0.1%, to settle at $3.94 per million British thermal units.

The EIA reports on natural-gas inventories 10:30 a.m. Eastern on Thursday.

Gasoline for April delivery (NEW:RBJ11) rose 4 cents, or 1.5%, to $2.84 a gallon. April heating oil (NEW:HOJ11) added 4 cents, or 1.5%, to $3 a gallon.
Market fears sectarian unrest in Bahrain

Security forces in Bahrain cracked down on antigovernment protesters early Wednesday, and at least two protesters were killed in the capital, Manama, according to witnesses, The Wall Street Journal reported.

Bahrain is under curfew, and Monday’s arrival of troops from Saudi Arabia and police from the United Arab Emirates has heightened fears of sectarian conflict in the island nation.

In Libya, forces loyal to Col. Moammar Gadhafi closed in on rebels in the eastern city of Benghazi, the rebellion last major bastion.

Closer to home, investors grappled with news that the Commerce Department reported construction of new homes plunged 22.5% in February, erasing January’s gains and marking the largest single-month drop in housing starts since March 1984. Read more on housing data.

Traders also took in data indicating higher producer prices, up a seasonally adjusted 1.6% for February, as food costs experienced their biggest one-month rise since 1974

 

That sounds right.

 

Now even no-fly zone seems LATE given once govt. captured most of the country back.

- a week ago simple no-fly zone could have toppled gaddafi ,

- now in order to topple gaddafi no-fly zone won't do you need much more ....

what a missed opportunity ..

 

Trading in the current delivery month shall cease on the third business day prior to the twenty-fifth calendar day of the month preceding the delivery month. If the twenty-fifth 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 twenty-fifth calendar day. In the event that the official Exchange holiday schedule changes subsequent to the listing of a Crude Oil futures, the originally listed expiration date shall remain in effect. In the event that the originally listed expiration day is declared a holiday, expiration will move to the business day immediately prior.

so usually falls on the 17th or 18th

check the volume for definite confirmation

http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html

 

This is the contract info given by Interactive Brokers, according to which April contract expires on 22nd. However, IB once liquidated my position in the middle of the trading session (of course, without my consent) 2 or 3 days prior to the expiration. I've been rolling over promptly since to avoid another similar incident.



Click on the link for May contract info.

 

And the LORD spake, saying, "First shalt thou take out the Holy Pin, then shalt thou count to three, no more, no less. Three shall be the number thou shalt count, and the number of the counting shall be three. Four shalt thou not count, neither count thou two, excepting that thou then proceed to three. Five is right out. Once the number three, being the third number, be reached, then lobbest thou thy Holy Hand Grenade of Antioch towards thy foe, who being naughty in My sight, shall snuff it." Amen

http://www.youtube.com/watch?v=xOrgLj9lOwk

 

Man, what this time?!! Why the hell triggered the selloff at the open?

I thought I had a ball of steel but this is getting tiring.

 

Yen at record highs against dollar. Broke through 79.75, every single trend following stop hit.

 

Beside the yen, was there any breaking news of some sort or is this market just out to piss me off? CNN reports that snow is hampering rescue efforts. But since that has no relevance on the nuclear reactors (but who knows), I doubt it was the main reason for the selloff.