U.S. crude oil futures prices just started soaring.
West Texas Intermediate oil is up to $48 a barrel, or 4.8% from about $46 at around 2:00 p.m. Eastern. Some traders are talking “squeeze,” when a sudden price rise forces buying from those who sold short, hoping to profit from additional declines. Others are citing the expiration of options on oil-futures contracts Wednesday afternoon for part of the action. Options dealers are active buying and selling ahead the expiration to buy or sell contracts at a set price in the future.
Regardless the reason, oil prices surged more than $2 a barrel in fewer than 30 minutes. Stocks in the oil exploration and production segment, including EOG Resources (EOG) and Newfield Exploration (NFX), are strongly higher on the day.
Read more Click Here / www.trade4x.net
West Texas Intermediate oil is up to $48 a barrel, or 4.8% from about $46 at around 2:00 p.m. Eastern. Some traders are talking “squeeze,” when a sudden price rise forces buying from those who sold short, hoping to profit from additional declines. Others are citing the expiration of options on oil-futures contracts Wednesday afternoon for part of the action. Options dealers are active buying and selling ahead the expiration to buy or sell contracts at a set price in the future.
Regardless the reason, oil prices surged more than $2 a barrel in fewer than 30 minutes. Stocks in the oil exploration and production segment, including EOG Resources (EOG) and Newfield Exploration (NFX), are strongly higher on the day.
Read more Click Here / www.trade4x.net
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