Executing Physical Crude on IB

Discussion in 'Energy Futures' started by Malinois, Dec 15, 2006.

  1. Malinois

    Malinois

    Today I was unable to place an order for the full-sized electronic contract (january) through IB because it is physically settled and not cash settled like the mini contract. It appears they won't allow it that close to expiration. From what I gather the Jan contract is still the front month, at is trading at a higher volume.
    OR Am I wrong there.

    Nymex website states: Trading terminates at the close of the 3rd business day prior to the 25th calendar day of the month preceding delivery. If 25th calendar day is a non-business day, trading shall cease on the third business day prior to the business day preceding the 25th calendar day.

    CAN SOMEONE CLARIFY THIS AND TELL ME WHEN EXACTLY THE ROLLOVER TO THE NEW FRONT MONTH OCCURS? DID IT OCCUR TODAY, IF IT DID NOT WOULD ONE HAVE TO EXECUTE THE MINI CONTRACT ONLY?
     
  2. i got liquidated this morning in CL too, wondering the same thing since this is my first roll in it since moving mostly over from QM. i have the feb contracts up and they're liquid enough to trade today, but it creates a bit of a dilemma for system/level settings and continuous symbol usage

    also a little creepy that they liquidated me within 5 seconds of where my normal systematic exit would have been while i was sorting this out and not taking the exit. there are multiple instances where IB seems to be cognizant of cursor position and order staging in tws but thats another topic

    i guess CL rolls will be just like the cbot metals
     
  3. I got an email this morning saying they would close any open positions.

    Just trade Feb instead.
     
  4. Malinois

    Malinois

    Yes, but my question is when the rollover occurs. I am assuming 3 business days before last trading day, however with the crude contract it's confusing because the volume in the morning for (Jan) was greater than the new front month(feb).
     
  5. jan crude expires tuesday, 12/19. i have a question for you, who do you use to clear?? i have never heard of being liquidated a couple of days before expiry.

    i currently clear ADM. have cleared taiyo general, pioneer, refco, saul stone in the past and never had anything like this. is it your IB doing this or the FCM themselves?
     
  6. cmaxb

    cmaxb

    This may be a dumb question, but when I put CL into IB's TWS, what contract gets executed. I see the option for NYMEX. Will this go to the pit, or electronic?
     
  7. All NYMEX on IB is electronic. They don't let you get robbed by those crooks in the pits :(