-7.43 -143%
settled at -37.63 USD. That must have been the fastest 75k USD I ever lost.
Ouch Raffe thoughts and prayers.
Sorry to hear that Raffe. Incredible.
At what point does the Barrel become more valuable than its contents...
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Wow, that was a whammer. IAB didn't allow negative price for trading, so couldn't sell. Awaiting their helpdesk to pick up my chat, suppose in company with some 20k other traders.
On the positive side, my short DJ futures are earning me almost a quarter of my loss back. But still.....
Ouch Raffe - sorry to hear that - especially when the systems failed you there. Hope you can make it back and more soon.
Wow. Does that mean that if I buy 1000 barrels they will give $37,000 on top?
'Against stupidity, the gods themselves struggle in vain' - Schiller.
Jeez.... what next?
Well depends which futures you are holding. For the physical settled ones the answer is yes. But you are liable to take delivery and have collateralised the trade to make sure you will do. For the cash settled trades you just pay the money and someome else cleans up the mess (with their own gain or loss).
Jeezz Raffe that is a bad few hours, first time in history it has ever gone negative, appreciate your honesty and certainly serves as a stark warning to us wannabe traders..
Last edited by murkeywaters; 21st April 2020 at 10:05.
Respect and great honesty there Raffe. Good to see both the positive and negative aspects of trading laid bare.
Wow. Not for the faint hearted this stuff. Hope you do better on next trade
Surely this is an artificial situation! As a long term (2-3 year) bet, I'm thinking about drip feeding to this over the next few months:
https://www.hl.co.uk/funds/fund-disc...-income/charts
As someone who’s worked in the industry in a past life, it’s extraordinary to see oil sink to minus. I still remember the dizzy heights of over $100. Wow.
on a poignant note - today is also the 10 year anniversary of the Deepwater Horizon disaster.
Well, I figured it could fall to minus 2, max 3 USD and possibly bounce from there. I mostly bought for the fun of having owned it at zero. Have to admit that I was trading under the wrong assumption the contract would still trade tomorrow, would have never done this had I known that this was the last hour of the contract's life.
Three cardinal rookie mistakes there: never trade for the fun of it, know your contract specifics and whatwever happens, never own a future on its expiry date when the craziest things can happen (even if 99% of these days nothing crazy at all happens). Well that's me done giving smart advice for a while....
Yes, the part which I didn't roll into options. They look good again today.
Can i ask what happened to Fundamentals..
Lots of big words being used with mind boggling jargon or Pseudo intellectual BS...
Surely whats going on here is just Red or Black..
Or have i missed something...
June WTI contracts sliding...........
25% reductions on Brent and WTI June contracts, 15-20% on July contracts
Mayhem
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Yes, fun and games continue. Anyone a punt?
All of my watchlist is red with the exception of Genedrive. Could this be the big one before the bottom?
How long did it remain negative?
'Against stupidity, the gods themselves struggle in vain' - Schiller.
Important to understand that the cash-settled IPE contracts ended trading and settled yesterday, taking most of the speculators out of the market. What you have left today is real oil traders and potentially some hedge funds which are planning to take delivery and have likely arranged storage.
Just got a SIPP balance, only 12% down on pre Covid balance, gotta say I'll take that
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One chart summarising how crazy this equity rallye is: