Question about CL/QM Expiration?

Discussion in 'Commodity Futures' started by cszulc, Apr 20, 2008.

  1. cszulc

    cszulc

    Confusing on the NYMEX website for the CL/QM expiration. I understand the CL contract is physically settled and QM is financially settled. I am short 2 QM from 116.950 from Friday (sold the high) and it settled down at 116.700.

    Was Friday the last trading day or is Monday the last? It says termination is 21-Apr (Monday), so not sure if it won't open tonight at 5pm on Globex or if it will just settle out with cash?

    Thanks.
     
  2. Surdo

    Surdo

    I am fairly sure QMK08 trades until tommorow @2:30PM, I am guessing, that is why I will trade June tommorow.

    Why would you position trade a contract a day before termination of trading, especially not knowing the date?

    Good trading!

    surdo
     
  3. cszulc

    cszulc

    I guess I just got caught up in the price action.

    Either way, I'm trading the financially-settled product so I won't have to worry about physical settlement.

    I just wanted to make sure I can try and close out of these tonight at the evening open. Thanks.
     
  4. Surdo

    Surdo

    Why not try and make 1/2 a point?

    :D
     
  5. cszulc

    cszulc

    Haha, we'll see.
     
  6. XBOT

    XBOT

    You should be able to trade it tomorrow depending on your broker. Tomorrow is the final day of trading but you should be sure to close out your position just so you don't have to worry about the mechanics of settlement.
     
  7. cszulc

    cszulc

    Thanks for your help all. Covered 2 QM at 116.650 for nice .30 profit.
     
  8. Yes, QMK08 goes OTB 230pm tomorrow (4/21), cash settled to tomorrow's big contract settlement price which is calculated off the closing range.

    FWIW, last month's settlement was bezerk, I think crude shot up about 2 handles in the course of a minute, set was marked around 109.60 and it was trading a buck lower immediately after the 230pm close.
     
  9. yeah, and didn`t we get a about a 10 dollar nosedive in crude soon after, total ws manipulation at its finest, big dogs set the rules, just try to piggyback on their plays b/c without any size you are just roadkill!
     
  10. Surdo

    Surdo


    Pays for a nice Sunday dinner!

    I will cautiously sell these soon.

    surdo
     
    #10     Apr 20, 2008