Wow!! What an absolute mind fuck today was. Someone was pushing it REALLY hard on ICE today. The only thing I have heard so far is that SAC capital (stephen cohen) was selling to delta hedge a shitload of naked puts that he had sold awhile ago to another fund. Nice deviation from crude as well, had the "mountain lake" divergence from natty.
full size swaps arbed to nymex.. take a look at this crude relationship posted in the other thread. i generally think the relationship isn't tradeable, but this chart could possibly convince you differently.. i'm not sure if i'd trade it. storage fundamentals are the same right now in NG (look to september amaranth blowout when record storage was had going into winter) as last season when this spread peaked (except oil has strnger fundamentals..) http://futuresource.quote.com/charts/charts.jsp?s=='CL' - 6 * 'NG'&o=&a=M&z=610x300&d=LOW&b=BAR&st= http://futuresource.quote.com/charts/charts.jsp?s=='CL' - 6 * 'NG'&o=&a=W&z=610x300&d=LOW&b=BAR&st=
ICE volume in Sep alone today is 70,845 (4:47 pm). It trades in increments of 2,500 MMBtu per day for the month. So a minimum order in Sep would be 7.5 NYMEX equiv. contracts, and 7.75 for Oct. (2,500*30=75,000/10,000=7.5) and same for oct but 31 days.
Yo comm. I beginning to feel the turn you are talking about. I need some more confirmation, but the path seems like it's turning.