folks, another novice question: I don't see current (March) contract for CL futures here: http://www.cmegroup.com/trading/energy/crude-oil/light-sweet-crude.html It shows APR as the first. Am i missing something ?
Nope. That's current month. APR expires in Mar 21. If you think that is messed up, check the BZ Brent Oil expirations.
Oh, it's easy. I can't pull up the specs at the moment to quote them, their website is having an issue. But how hard is it to remember? It's something like, "Trading in the contract month shall terminate on the 3rd business day preceding the 25th calendar day of the month preceding the contract month. If the 25th calendar day falls on a holiday day or weekend day, the 3rd business day shall be the last business day of the week ending before the holiday blah blah blah." (I am being jocular by the way. It can get quite confusing. )
Ahh, the CME website came back up. "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." It's so simple, a brain-surgeon might understand it.
Yeah, i tried to find it on their site on the specifications tab. I was searching for the "expiry" word, didn't know it was under "Termination Of Trading" title and i see what you are joking about it is in so vague and lengthy description. Btw, i do try to find it myself first and ask only if i can not. Sorry , the question might have sounded stupid for experienced CL traders ..
Yeah , it is weird.. was thinking March is march, but like the other user said, it expires in previous month for deliver in next month. Still learning..
Thanks guys for the quick replies. These forums and users here are so helpful. Hopefully i get chance to reciprocate.