US OIL

[Caseynotes]

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).

[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.

[Caseynotes]

Interesting short video on hedging by oil producers and countries.

 

[fihagil]

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!

[dmedin]

47 minutes ago, Caseynotes said:

Interesting short video on hedging by oil producers and countries.

 

 

So if the commercials are going heavily short they are expecting prices for their commodity to stay high?

[Caseynotes]

7 minutes ago, dmedin said:

 

So if the commercials are going heavily short they are expecting prices for their commodity to stay high?

but are there not commercial producers and commercial users?

[dmedin]

35 minutes ago, Caseynotes said:

but are there not commercial producers and commercial users?

 

Right ... so the disaggregated COT is more useful 💩

[Caseynotes]

US Oil May contract expires Monday, see post above re; checking, setting and submitting your rollover enable/disable.

 

[Caseynotes]

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.

[Caseynotes]

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.

[Caseynotes]

US OIL daily;

[Caseynotes]

Spot sliding to Weekly S2.

Daily chart;

[Caseynotes]

US Oil trying to bounce up off the new weekly S1 pivot level 22713.

[Caseynotes]

IGSquawk  @IGSquawk

13m

MAY WTI falls below $15 (again): $14.885 -18.7% #Oil #Brent #WTI #OOTT

[Caseynotes]

Short IG vid this morning on Oil.

 

[dmedin]

I like Jezza's new facial hair!

[Caseynotes]

1 minute ago, dmedin said:

I like Jezza's new facial hair!

lol, I thought the lockdown was taking it's toll myself.

[Lawrenceofarabia]

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

[Caseynotes]

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.

[dmedin]

Greyta Toon-burrey has won!

[SgtHyde]

forgive the noob Q's but will the spot chart drop to match the actual oil price at sub $8 at open and liquidate a position from the IG price at $22? Sorry just trying to understand, new to this

[Mr_G]

^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

[GCC]

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?

[Mr_G]

Right now I see. This thread explains it.

 

Looks like I only can only trade spot on IG as it's an MT4 SB account and only gives me the one option.

 

[SgtHyde]

^

Thanks, So what I can make out is my positions will be closed and automatically reopened at what is now $1.50!

wow $1.50

[Lawrenceofarabia]

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.

So tomorrow i can trade at the current price?

[pskeoch]

Anyone know what the overnight fee will be for spot oil tonight? Will it switch to July-June difference in the calculation, or is today's/tomorrow's fee going to be based on a negative May futures price and be insanely huge?

[Caseynotes]

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.  

 

[Caseynotes]

Oil becomes a liability when there is nowhere left to store it 😳

[DeltaHedge]

Where would the options have settled via IG (ie. 1000 put, close at -3700 or 0)?