21 April 2020

What’s happening?

All the press is discussing the fact that the settlment price for April WTI was negative $37! Seems amazing, but of course when there is no storage, you may have to pay for the privilege of delivering to someone.

As always, a green print on your portfolio value always emboldens you to trade. This mornings trades were:

• trimmed back GC, still a bit long gold.
• sold an ES call. Still a bit long, but equity indexes falling back,
• bought NG, couple of lots
• sold CL, one lot, to get exposure to the crude/gas spread.
• sold WEIR — an overhyped and expensive stock highly exposed to the fracking business.
• bought some European EURN, bought some FRO (put in an order). These trades seem to come with -ve impact on margin — why?
• Sold a very long-dated ESTX50 call. I have been burned too much on negative theta positions, and I like to earn a bit of premium while I wait for markets to break.

Oh, yes. I rolled over an NG future because delivering was looming up.