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US OIL


Caseynotes

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May Futures contract expiry in just 3 days, make sure you have your Rollover choice selected and submitted  in advance, see the 'Setting's page on your 'My IG' dashboard (pic below).

If 'enable rollovers' is selected the May contract position is closed before expiry and a new equivalent position is opened for the June contract (IG used to give a discount on the spread of the new contract for auto rollovers, not sure if still do).

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Guest Warrior

Difference of May contract and June contract is $5+. How to calculate rollover price roughly if I have long positions at present. Will I need to pay extra? Please help with example or someone can recommend calculator.

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Does anybody know where the IG US Oil Spot price comes from?

It has been quite higher than historical daily WTI spot published by EIA:
https://www.eia.gov/dnav/pet/hist/rwtcD.htm

E.g., on 13 April the EIA reported $22.36 and in IG it was around $28?

tks!

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18 hours ago, Guest Warrior said:

Difference of May contract and June contract is $5+. How to calculate rollover price roughly if I have long positions at present. Will I need to pay extra? Please help with example or someone can recommend calculator.

Hi, on rollover (Monday) your May contract will be closed just before expiry and a new June contract opened at the June Ask price so you just pay the June contract price spread.

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18 hours ago, fihagil said:

Does anybody know where the IG US Oil Spot price comes from?

It has been quite higher than historical daily WTI spot published by EIA:
https://www.eia.gov/dnav/pet/hist/rwtcD.htm

E.g., on 13 April the EIA reported $22.36 and in IG it was around $28?

tks!

Hi, as mentioned in another thread many agencies list the spot price using just the front futures contract as the underlying (May $20) but many brokers instead look at available liquidity and so use a calculation based on the 2 most liquid futures contracts as the underlying for their spot price.

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22 minutes ago, Lawrenceofarabia said:

I want to trade oil at the price it is now but it wont let me, is there something im doing wrong?

hi, the May futures contract is closed to open as it expires today but you should be able to place a trade on the spot chart or the June or July futures charts.

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^This

What am I trading on IG if I'm not trading the same USOIL chart that everyone else seems to be trading?

I'm in my MT4 account on USOIL at it looks nothing like the USOIL on tradingview. Whats the deal? Sorry if I/we should no this but I thought USOIL was USOIL?

 

Thanks :)

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6 hours ago, Caseynotes said:

hi, the May futures contract is closed to open as it expires today but you should be able to place a trade on the spot chart or the June or July futures charts.

Hi, I have checked both May, June & July future's charts. Only May future chart reflect current market price (below US$6 as of now, but not open for trade). Whereas charts for June & July future are not reflecting current market price. How can I trade current market price for US Crude?

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Charts; US Oil Spot + the closed May futs + June + July.

The May contract actually closed on the exchange at minus $37.63, never been negative before.

May futures rollover to the June contract.

Futures not available on mt4.

They are all individual markets with their own price and price drivers but the other contracts will be looking hard at the May lead.

Really not sure how the overnight funding for Spot will go but the May price should be out of the calculation.  

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