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NYMEX heatoil halted briefly after 25-cent jump
Reuters ^ | June 6, 2008 | Gene Ramos

Posted on 06/06/2008 12:02:57 PM PDT by thackney

NEW YORK, June 6 (Reuters) - U.S. heating oil futures trading was halted briefly on the electronic trading platform CME Globex Friday after they struck the maximum fluctuation limit of 25 cents, a NYMEX spokeswoman said.

"The trading on heating oil was halted at 1:13 p.m. EDT and resumed some three minutes or so later," said Anu Aluwahlia, the NYMEX spokeswoman.

NYMEX trading on the floor was not affected, she said.

Traders were confused and some said they did not even know that a trading halt had been imposed.

Current rules on floor trading call for a trading halt for five minutes if a contract hits the fluctuation limit and trades continuously at or above that level for five minutes.

Aluwahlia said that the resumption of heating oil trading after the brief pause called for the doubling of the fluctuation, to 50 cents, which must be hit before another trading halt is called.

Aluwahlia said that NYMEX rules also called for other energy contracts --- crude and RBOB gasoline -- to have their maximum fluctuation doubled after the heating oil hit its maximum.

"The rules call for all those three contracts -- crude, heating oil and gasoline -- to have their maximum fluctuations doubled after any one of them hits the limit," she said.

The fluctuation limit for crude now stands at $20 and for RBOB gasoline to 50 cents, she said.

At 1:48 p.m. EDT/1748 GMT, NYMEX July heating oil xHON8 traded at $3.9321 a gallon, up 25.13 cents, or 6.82 percent, after trading from $3.68 to $3.9550.

NYMEX heating oil hit a record $4.0153 on May 22.


TOPICS: News/Current Events
KEYWORDS: energy; energyprices; fueloil; heatingoil; oil

1 posted on 06/06/2008 12:02:57 PM PDT by thackney
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To: RightWhale

ping


2 posted on 06/06/2008 12:03:16 PM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

I am surprised the interest on FR is not much greater.


3 posted on 06/06/2008 12:04:20 PM PDT by RightWhale (We see the polygons)
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To: thackney

You know, come January I’m going to be so happy in my 55 degree house knowing that I’m helping save the planet from globull warming!


4 posted on 06/06/2008 12:05:43 PM PDT by Obadiah (I remember when the climate never changed, then Bush stole the election.)
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To: RightWhale

Given the state of the solar cycle I would be into heating oil futures big time if I wasn’t already committed to crude holdings. The current (tiny) sunspot has the magnetic polarity of cycle 23. Iow cycle 24 is long overdue. If it doesn’t start soon this winter will be even colder than last.


5 posted on 06/06/2008 12:10:00 PM PDT by Justa (Politically Correct is morally wrong.)
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To: Justa

I wouldn’t be into heating oil futures at all. Way too much movement lately, both up and down, predictability is very low.


6 posted on 06/06/2008 12:14:07 PM PDT by RightWhale (We see the polygons)
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