[quote=“HouseS2K,post:1740,topic:44739"”]
Yesterday while in Toronto at the autoshow I was low on fuel so I looked for a gas station before heading home. The shell gas station had 91 octane for $1.90/liter. If my math is correct 1 gallon is 3.785 liters, I paid about $7.12/gallon yesterday.
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I guess they have to subsidize their Maple syrup industry somehow.
where was that Shell? right on Spadina at Front St.?
that would be one of the most expensive gas stations in North America. It is right downtown in some of the most expensive real estate and right by one of the busiest on / off ramps in the the city.
around the corner from my place it is $1.20 for 91 octane, a far cry from what you paid but still too much.
i buy gas in the states as often as possible.
Bump.
What ever happened to the guy who spent his life savings on buying oil futures long contracts?
On here? Ouch
No it was on CNN or something. Tried to find the article but it was someone was betting big on oil prices recovering and went all in long. Unless he is adding margin some how, he has to be rekt by now.
Found it.
He had a short window that he could have sold at a wash or small loss. Let’s hop they did!
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Support is nearby, will it hold is the question…let’s wait and see. This is a good spot to start looking for absorption.
Someone who spends their life savings on option premium… bahahha. he deserves it if he didn’t get out.
I understand that the SPY could fall to 0… anything is possible, but the chances of that happening?
Now, the chances of his calls ending up ITM and not expiring worthless? He’d have better odds betting his life savings on game of rock paper scissors.
edit; reread, it doesn’t mention anything about him spending his life savings… most likely an internet rumor… who ever bought 14,700 contracts probably has a networth well over $100mil
cliff notes on the reason for the thread bump?
i havent been following oil these past few weeks
Oil has seen a jump in speculation due to an increase in put options. Maybe someone knows something we all don’t. I’m assuming has something to do with Iran talks and trouble getting oil out of the middle east?
What trader said. Following a big run up it has retraced all the way back near support levels.
Look at the USD chart, put options may be a piece of the puzzle but certainly not the sole catalyst. Remember, EVERYTHING is priced in USD at the end of the day. Strong USD, prices should logically fall off.
http://finviz.com/futures_charts.ashx?t=DX&p=w1
Added—
One could argue that crude is so important its fall caused the USD to surge, see also petrodollar. That being said many other commodities fell sharply as the USD has soared…and I like to pretend the market is somewhat honest supply/demand. 
What expiration date are the put contracts you speak of? Is there a pocket of expiration hunting going on?
This week should be interesting to say the least. I know you never “know” but the next 2-3 weeks should tell a lot from a technical standpoint.
I have some July calls that might turn into a tax deduction lol
That one started the discussion but there is an article of someone cashing out their life savings. I can’t find the article but someone def went all in on options and may be broke. Lol. With everyone jumping in on the movements I can see this being common now.
It burns! WTI might see 30s on some more bad news.
I shorted the shit out of this for this month. It tried to rebound a bit and now more doom. Haha
If 40 a barrel doesn’t hold I think it’s going down near 30. I agree with @cougarspeed, technically the next couple weeks should tell us a lot.
I shorted $5k of SCO a few months ago that has now turned into a $12k position. 
The good news is that over time the leveraged ETF’s all go to 0 so I don’t need oil to make it back up where it was to get to my break even point, but I’m still losing my ass. Would buy in for more if it does drop into the low 30’s to average down.
I’m sitting on 5k of VGENX (within my roth ira)… it’s down 4% but it will come back at some point.
Do all of you use your own account such as etrade or scotttrade? Or do you work through a broker when your shorting trades?