In short, I really f#$%@d up today. I realize how big an idiot I am and I deserve all kinds of criticism and mockery, however could someone please help me my question. What are my options if I mistakenly held 1 long oil futures contracts(qm) until expiration(today)? I'm just a day trader and I have no desire to take physical delivery. Is there any way to avoid this obligation, or am I required to do this? O.k., fire away, and thanks in advance for your helpful responses.
qm is financially settled, you will not be taking delivery...not that your broker would let you anyway.
Yes, the QM mini Crude is the cash settled contract. So you make or lose the difference between your position price and the settlement price. The CL contract is the big one which is physically delivered. This thread could have been much more interesting if it was the latter.
Many thanks for the replies. I feel damn lucky this contract is cash settled. Sorry to ruin the opportunity for a more interesting thread, Stefan.
I'm glad it worked out better for you than expected. You can find this information on the CME's website in the contract specification page for each product.