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Oil price negative?


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Oil price negative?

  #251 (permalink)
SunTrader
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A lot of lawyers are very "happy" nowadays.

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  #252 (permalink)
 
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 SMCJB 
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As always they will be the ones to profit the most on this situation.

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  #253 (permalink)
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Regulatory action overseas from FSC (Financial Supervisory Commission) - Republic of China. 12 FCM's held accountable and fined 5.1 million

https://www.fsc.gov.tw/en/home.jsp?id=54&parentpath=0,2&mcustomize=multimessage_view.jsp&dataserno=202009100015&aplistdn=ou=news,ou=multisite,ou=english,ou=ap_root,o=fsc,c=tw&dtable=News

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  #254 (permalink)
 RT777 
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Posts: 41 since May 2020


futures trader View Post
Regulatory action overseas from FSC (Financial Supervisory Commission) - Republic of China. 12 FCM's held accountable and fined 5.1 million

https://www.fsc.gov.tw/en/home.jsp?id=54&parentpath=0,2&mcustomize=multimessage_view.jsp&dataserno=202009100015&aplistdn=ou=news,ou=multisite,ou=english,ou=ap_root,o=fsc,c=tw&dtable=News

Do you think the lawyers want to beat the Regulators to the punch-bowl?

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  #255 (permalink)
 
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 SMCJB 
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CFTC Interim Report on the May Crude contract trading negative is out. Full report can be downloaded from the link at the bottom of the press release. I haven't read it yet).

CFTC :- CFTC Staff Publishes Interim Report on NYMEX WTI Crude Contract Trading on and around April 20, 2020
https://www.cftc.gov/PressRoom/PressReleases/8315-20

only so reading...

CFTC :- Statement of Commissioner Dan M. Berkovitz Regarding the CFTC Staff Report on the Trading of Nymex WTI Crude Oil Futures Contracts On and Around April 20, 2020
https://www.cftc.gov/PressRoom/SpeechesTestimony/berkovitzstatement112320a

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  #256 (permalink)
 
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Interesting.

The most eye opening thing to me was that 31.1% of all May contracts traded on Apr 20 were TAS, and that over 11000 TAS traded at limit down (-10c) compared to just 164 contracts in the entire year of 2019!!!

Of secondary interest was the high concentration of Long positions held by non-reportable's and reportable-other.

Also surprised that there was no discussion of 'other contracts settling based upon the April 20th settlement price'. For example the eMini QM and more importantly the ICE financial WTI contract both financially settled that day.

As Berkovitz's complaint states, disappointing that they didn't delve deeper into the trade activities, but maybe that's still to come.

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  #257 (permalink)
 
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 Big Mike 
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This is related to oil going negative:



Basically, AMP has a new Class Action lawsuit against them because of what resulted after oil went negative, among other things.

Mike

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  #258 (permalink)
 
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 SMCJB 
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Bloomberg:- The Essex Boys Who Rode Oilís Crash to a $660 Million Profit
https://www.bloomberg.com/news/videos/2020-12-10/the-essex-boys-who-made-660-million-from-oil-s-crash-video

https://www.bloomberg.com/news/features/2020-12-10/stock-market-when-oil-when-negative-these-essex-traders-pounced

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  #259 (permalink)
 
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 SMCJB 
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From Crude Thread.

SMCJB View Post
John Lothian News :- Joel Fingerman of Fundamental Dynamics Weighs in on CFTC Oil Crash Report
An Analytical and Fundamental Response to the CFTC Interim Staff Report: Trading in NYMEX WTI Crude Oil Futures Contracts Leading up to, on, and Around April 20, 2020


https://johnlothiannews.com/joel-fingerman-of-fundamental-dynamics-weighs-in-on-cftc-oil-crash-report/

Good read. Love this chart, really puts the oversupply into perspective.


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  #260 (permalink)
SunTrader
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SMCJB View Post
From Crude Thread.

Absolutely a good (comprehensive) read.

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