A note to futures traders! Nymex to open early on Sunday for energy trading

BigE

"As a result of concerns relating to Hurricane Gustav, the CME Group has made a change to its trading hours for all GLOBEX-traded NYMEX energy products for Sunday, August 31. On that date, all NYMEX energy markets traded through GLOBEX will open at 2:30 PM ET, and will begin a pre-opening trading period starting at 2:00 PM ET. Although you will be able to trade these products through TradeStation starting at 2:00 PM ET, your TradeStation charts will not begin to display price activity until 6:00 PM ET. If you would like to view Sunday’s price activity for these markets in TradeStation from 2:00 PM ET through 6:00 PM ET, you can do so using the Market Depth, Quote, and Time & Sales applications within the TradeStation platform."


Just wanted to mention this since it might affect PM's when they open for spot in a few hours----------------BigE

BigE

""We wanted to provide our customers with the opportunity to respond to the storm's potential impact to energy markets as quickly as possible," said CME Group Chief Operating Officer Bryan Durkin. "The ability to trade both our exchange-listed and over-the-counter energy products during this period will be a significant benefit for global energy market participants."

---------------BigE

storm888

Often, when disasters are prepared for they don't materialize.

IF there is little/no market disruption from Gustav, look for commodities
to tank by late next week.

BigE

The market goes up every week, then tanks-- lately-----------------BigE

57loaded

i think the market has already factored it in. many offshore rigs were evacuated or "shuttered" last week.

it "Gustav" is doing (so far) what the forecasters have said.

there was some thoughts that it was dropping in intensity, day b4 yesterday...uh like Friday.

yet if it does more damage than anticiapted or less than anticipated that is still an unknown. Katrina was a cat 5 but hit land at a cat 3.

what i don't know is what is production now (before Gustav) vs b4 Katrina???



weather.com Gustav

Deadhorse

<< <i>i think the market has already factored it in. many offshore rigs were evacuated or "shuttered" last week.

it "Gustav" is doing (so far) what the forecasters have said.

there was some thoughts that it was dropping in intensity, day b4 yesterday...uh like Friday.

yet if it does more damage than anticiapted or less than anticipated that is still an unknown. Katrina was a cat 5 but hit land at a cat 3.

what i don't know is what is production now (before Gustav) vs b4 Katrina???



weather.com Gustav >>





The rigs were built for these things. With Katrina, they were back up and running in a week to 10 days, depending.

I've lived on the Gulf Coast all my life and have watched this stuff nearly every year.

It's extremely rare for any of the rigs to suffer damage, the delay is in getting people off and then back on.

Hurricanes generally decrease in strength as they aproach the coast. It's the cooler water that gives them pause.

They can wobble about off shore and change directions, that's common, but they nearly always slow down quite a bit.

Hurricane Allen was a CT 5 with the highest ever recorded wind in history at over 200 MPH, by the time it made landfall on the south Texas coast it had dropped down to a Cat 3 and quickly dissapated. Lots of rain and non dangerous winds. Just a big rainstorm for several days.

RBinTex

Oil at $111.11 right now. Down big.