1. can someone recoomend me a book for oil futures? 2. are these the quotes for long term futures contracts http://quotes.ino.com/exchanges/?r=NYMEX_CL eg 2014 may $75.68 if i want to a long a contract that expires in may 2014, i buy it at $75.68 now? how are the marked to market rules if oil is $60 a barrel now? I can sell anytime from now to 2014 may?
"Trading Months: Crude Oil Futures trade 30 consecutive months plus long-dated futures initially listed 36, 48, 60, 72, and 84 months prior to delivery. Additionally, trading can be executed at an average differential to the previous dayâs settlement prices for periods of two to 30 consecutive months in a single transaction. These calendar strips are executed during open outcry trading hours. Options: 12 consecutive months, plus three long-dated options at 18, 24, and 36 months out on a June/December cycle. " http://www.wtrg.com/daily/crudeoilprice.html so does this mean the long term contracts expire from 36, 48,72 and 84 months frombeing bought?