There's an administrative mistake in your calculations; it should be +0.37 * 1000 = $370 or +0.185 from avg. price * 2000 = $370 Minus commissions, of course
--API data show sizeable crude inventory drop --U.S. govt inventory due at 10:30 a.m. EDT By Dan Strumpf Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Oil futures rallied Wednesday after a report showed growth in the U.S. private sector, a rare piece of good news for the economy of the world's biggest oil consumer. Later, market participants will shift their attention the government's weekly survey on U.S. oil and fuel inventories for cues about the health of U.S. demand. The report, from the Department of Energy, is due at 10:30 a.m., EDT. Light, sweet crude for November delivery added $1.88, or 2.5%, to $77.55 a barrel on the New York Mercantile Exchange. Brent crude on ICE Futures Europe exchange rose $1.58, or 1.6%, to $101.37 a barrel. Futures pushed higher, extending an overnight rally, after Automatic Data Processing said 91,000 new jobs were added in the private sector last month, which ADP described as "modest job creation." Economists were expecting an increase of 75,000 jobs. "The global economy hasn't collapsed just yet," said Phil Flynn, oil analyst at PFG Best in Chicago. "It's not that the data is great, it's just not as bad as the market was assuming," he said. Oil market participants are closely following economic data out of the U.S. because economic growth and hiring are closely correlated with demand for crude-oil. The slowdown in the U.S. and the sovereign-debt crisis in Europe have weighed heavily on oil prices in recent months. Nymex crude futures settled at their lowest level in a year Tuesday, while Brent futures ended below $100, amid worries that the flagging global economy is weighing on crude demand. In another sign that gasoline demand remains crimped by the weak economy, a SpendingPulse report released Tuesday said U.S. weekly demand fell 2% during the week ended Sept. 23. "Bearish macro sentiment continues to engulf the oil market," Barclays analysts wrote in a research report. Market participants, however, were encouraged Wednesday by signs of progress in Europe. Reports that European Union finance ministers are looking into coordinating recapitalization of the region's troubled banks lifted sentiment. Later Wednesday, the DOE's weekly inventory report will offer additional insight into U.S. crude supply and demand. Analysts expect the DOE to report a 700,000-barrel increase in crude-oil inventories for the week ended Sept. 30, according to a survey by Dow Jones Newswires. Analysts expect gasoline stocks to rise by 1 million barrels, while distillate stocks are seen falling 100,000 barrels. The American Petroleum Institute, an industry group, reported a surprise plunge in oil inventories in a report issued late Tuesday. Prices could see additional momentum if the decline is confirmed in the DOE's report. Front-month November reformulated gasoline blendstock, or RBOB, recently traded up 4.36 cents, or 1.8%, to $2.5320 a gallon. November heating oil traded up 2.82 cents, or 1%, to $2.7516 a gallon.
Quite right!! I get quite tired - that post was well into my nap time and I am subject to typos (ie the * 2,000 vs 1,000 ). I do it by hand so nice some one is checking! haha End result of $370 is the same, correct? --- I haven't been very happy with my trading. I hoped to just enter one trade for the day in the morning and then leave it. I have been spending too much time on this project and my ES is so time consuming that my work on it has been slipping. In any case this morning I set an alert for CL but ignored it to get my ES stuff done and entered with a market order, which I hate doing. I'm short one and will just leave it sit.