why is it called "sweet" oil?

Discussion in 'Commodity Futures' started by mikeenday, Feb 24, 2011.

  1. bone

    bone ET Sponsor

    Geopolitics, delivery rack space, and barge rates are big with that spread: to wit, 90% of Libyan Oil goes to Europe.

    Both WTI and Brent have terrible delivery mechanisms, they are defacto financial contracts with barely functional physical delivery aspects - arbing or spreading between the two strictly on delivery fundamentals is a death sentence.
     
    #11     Feb 24, 2011
  2. achilles28

    achilles28

    With volatility this ripe, I trade off the 5 sec or 3 sec candle. Crude is great. Superbly technical. Do you trade manual or system? Appears crude is great for automation. This week is very reminiscent of currencies in '08. Unprecedented moves.
     
    #12     Feb 24, 2011
  3. [​IMG]
     
    #13     Feb 24, 2011
  4. bone

    bone ET Sponsor

    I used to keep an office within Advantage futures in the CME building.

    I would hear guys in the elevators diss Nymex about how 'expensive' it was to trade in terms of commissions - I would chuckle to myself and endure the ride down knowing that I could make or lose more money trading a ten lot in Nymex than they could trading a fifty lot (or more) in any CME name they chose.
     
    #14     Feb 24, 2011
  5. Historically this isn't true, recently it has been true.

    The NYMEX contract is priced off oil at Cushing, OK. There is currently a glut of supply there, the Brent is being squeezed more from geo-political events because of this. There has been a ton of talk in the media about this strange situation. Dennis Gartman estimated that once the spread gets to about $20 it will become economical to ship NYMEX crude from Cushing on trucks, then ship it across the ocean to the Brent delivery point.

    5yr
     
    #15     Feb 24, 2011
  6. Blotto

    Blotto

    The difference between those who understand how to play each condition and have the experience and confidence to execute at the correct time (and price), and those who are uncertain or need to "wait for confirmation".

    Also, I wonder if amateurs position size properly when the range expands, or whether they maintain position size and widen stops causing them to become emotionally reactive, enter at disadvantageous prices, and dump correct positions during temporary adverse velocity against their positions...

    I was thinking of you today and your advice to newbies to use the CL. It really is one of the best futures markets for intraday traders. Those who believe it is possible to trade almost every swing have already started to win. Those who listen to others who cannot do it and therefore insist it cannot be done have already chosen to _ _ _ _.
     
    #16     Feb 25, 2011
  7. Those who believe it is possible to trade almost every swing have already started to win. Those who listen to others who cannot do it and therefore insist it cannot be done have already chosen to _ _ _ _. Source from comment above on page.
    Nice Work moving onto Today 12/03/2018 If any one knows of the correct Support Level to WTI Oil - At the Current Downtrend Phase trading at around 61.96 please advise. At A Guess I would say it centered around the 57.61 Level as Low Mark. - Although I could be wrong - Any takers ? Keeping it Forex.
     
    Last edited: Mar 12, 2018
    #17     Mar 12, 2018
  8. Pekelo

    Pekelo

    Apparently someone hasn't used a salad dressing for the last 30 years... :)

    It is over $10 by the gallon...
     
    #18     Mar 12, 2018
  9. I believe the question was - Nice Work moving onto Today 12/03/2018 If any one knows of the correct Support Level to WTI Oil - At the Current Downtrend Phase trading at around 61.96 please advise. At A Guess I would say it centered around the 57.61 Level as Low Mark. - Although I could be wrong - Any takers ? Keeping it Forex.
     
    #19     Mar 12, 2018
  10. Overnight

    Overnight

    You, sir/ma'am, win the ET-most-inane-thread-bump-of-the-decade-award-thing with this 8-YO bump response. What does knowing the correct support level for WTI today have to do with Forex? Huh?

    Fascinating, cap'n.
     
    #20     Mar 13, 2018