PowerSwitch

You may have read the recent Bloomberg article discussing the spot-price record on friday of $58.60...

http://quote.bloomberg.com/apps/news?pi ... news_index

But if you take alook at the Nymex futures data for Light Sweet
http://www.nymex.com/jsp/markets/lsco_fut_csf.jsp

You can see (at the time of writing) that Oct 05 thru Mar 06 futures are over $60.00.

Also of slight note is that recent price contago is again visable with futures being over the most recent July price ($58.47) until Dec 06.

Personally I think both the spot and futures markets are subject to too much non-supply-and-demand noise to be a really good indicator, but they are still useful nontheless and the current picture makes interesting reading.

And the spot price hit 59.23 in before-hours trading on the NYMEX this morning.

The bears are in the house...

And Dec 05 futures closed at 61.05...

I think I'm right in saying that today was the last day of trading on the July contract - we'll be moving to Aug tomorrow which has been around 50 cent higher than July all day. Maybe tomorrow is when the nearest price breaks the $60 mark. In UK pounds, euro or yen it's higher still since the dollar is stronger now than it has been for the last few months.

Almost right - it's today. You can check the termination date for each contract here:
http://www.nymex.com/jsp/markets/lsco_fut_termin.jsp

The futures for Dec 05 thru June 06 all broke $62 today

Is that a record?

It didn't seem to get much press....

fishertrop wrote:The futures for Dec 05 thru June 06 all broke $62 today

Is that a record?

It didn't seem to get much press....

Think about Hitlers last days in the bunker. Certain things are deeply unpolite to speak about, so we dont speak about them. OK?

As I type, futures for Dec 05 thru Sept 06 are all over $64 with a current high of $64.57 for March 06.