Aloha i trade through a spreadbetting firm not a broker... And so i trade the contracts they offer. Can i just ask though when does the january crude oil contract expire for everyone else??? Because they expire it on the 22nd december. However people are saying that the normal jan 1 ends tomorrow, and that from friday or monday it will be the feb contract??? And so the fed price of nearly $5s higher than jan will alsso become the daily price from friday?? :eek: However im confused to how that will affect me?? Since i got stuck holding my long from 42.38 average price. But if i hold that out till friday or monday, will the price that appears for my (jan) contract be replaced with the fed price or the dialy price?? And do be a few dollars in my favour???
Dear Spanish, Last trading day is this FRIDAY. I would get out by end-of-business on Thursday. When the volume gets thin the odds of a "price squeeze" increase. Happy trading, friend!
Last Trading Day Trading terminates at the close of business on the third business day prior to the 25th calendar day of the month preceding the delivery month. If the 25th calendar day of the month is a non-business day, trading shall cease on the third business day prior to the business day preceding the 25th calendar day. http://www.nymex.com/CL_spec.aspx
I will still be able to hold this trade through till monday though... But so will my contract price be automatically be replaced with the feb price?? I want to ditch this and go on holiday for xmas, but cos the stupid news statiosn fucked up earlier today about the opec number i got caught in this trade. Now i just need it to go and touch 43.45 and then im free
Sounds like you need to take a loss. Dont you use stops? The jan contract could zoom down and close under $10 and squeeze out the longs. This happened back in September where shorts got squeezed to the tune of $25 .
lol I made money out of that.. The market has crashed so so sooo low every month now in %, so there are shorts that need to cash in by going long.... Not longs that need to cash out by selling down more. And especially since the fed contract is so high compared to this jan one i thought this could likely cause a 'shorts-squeeze'.