Yep . I went short wti after it broke below 50 and could not get back above. also gold has ground its way above 1250 today during asian session. seems little selling pressure and I expect COT to show reduced shorts.
Yep . I went short wti after it broke below 50 and could not get back above. also gold has ground its way above 1250 today during asian session. seems little selling pressure and I expect COT to show reduced shorts.
Yep . I went short wti after it broke below 50 and could not get back above. also gold has ground its way above 1250 today during asian session. seems little selling pressure and I expect COT to show reduced shorts.
So with Christmas around the corner, what to do with my open futures trades. I have traded through Christmas before, but once I got killed in a convergence trade where the 'spread' ballooned. It was Walmart and Target.
So I have just closed Oil/Gold. While I would like to have kept them both open, too risky for me, especially sitting on fat profits.
OPEC members suffering from low oil prices. With Brent in the mid-$50s, the budgets for OPEC members will come under strain, and perhaps only Kuwait can see its budget breakeven. Low prices could sow unrest in several OPEC member states. “At current prices, too much attention on shale, not enough on OPEC,” Olivier Jakob, managing director at Swiss consultant Petromatrix GmbH, told Bloomberg. Libya and Algeria, for instance, need oil prices above $100 per barrel. Even Saudi Arabia needs oil north of $80 per barrel for its budget to breakeven.
This is the COT chart from the past week [so 2 wks old now].
What you can see is the tremendous amount of selling from the Commercials. As previously stated, the Commercials buy/sell oil from the Producers.
With so many of the OPEC producers needing the petro-dollar to support their economies, it would look as if they have sold as much production and forward production into the market to get the best price, given how far, how fast, price has fallen.
This week's COT numbers will be out soon. It will be interesting to see if this level of panic remains. By all accounts shale oil can be profitable far lower than OPEC oil.
Australian trader pleads guilty to 'spoofing' in Chicago
An Australian commodities trader pleaded guilty Wednesday in federal court in Chicago to manipulating market prices by placing orders in the millions of dollars, then canceling them within milliseconds so that he could sell smaller orders at a profit.
Australian trader pleads guilty to 'spoofing' in Chicago
An Australian commodities trader pleaded guilty Wednesday in federal court in Chicago to manipulating market prices by placing orders in the millions of dollars, then canceling them within milliseconds so that he could sell smaller orders at a profit.