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Thanks Ron. It never even occurred to me that this could be seen as spoofing seeing as you of course have the possibility they take your order. What if you wanted to genuinely Offer that price, but then the lower it got your view changed and you thought it was too cheap so bought? Guess this is all speculation/semantics and the CFTC would decide (probably against you).
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
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Posts: 5,059 since Dec 2013
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it's unlikely that you'd be fast enough to cancel your order and hit theirs, unless you sent both orders at the same time, which if you did would probably be the text book definition of what they are trying to stop.
Either way it's sort of irrelevant because if you put an order out there that has 1 tic margin in it somebody will take it regardless of where the shown market is. For example lets say that you have looked at Dec16, Dec16/17, Dec17/18, Dec18/19 and have calculated the inside market for Dec19 should be 5810/5830. When you look at the screen though you see a market of 5750/5850. Being a seller you offer 5840 and immediately it becomes offered at 5839. You offer 5830 and nothing happens. You offer 5820 and nothing happens. You offer 5810 and nothing happens. You offer 5809 and your offer is lifted immediately. In this example if your commission rate is >$1.25 per side you should offer 5809s but if you rate is <$1.25 side you should actually sell Dec16 and do the 16/17, 17/18 and 18/19 rolls yourself.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
After this weeks 8kkb build crude stocks are less than 15kkb off all time highs. With probably at least a month before crude runs start increasing again, they will probably continue to build.
Interestingly when we put those storage highs in, back in April, Crude was already well off its March lows and heading higher.