CL Contract

Has anyone traded or looked at the CL, Crude Oil Physical Delivery contract? This puppy can move. Contract info: http://www.nymex.com/CL_spec.aspx

It caught my attention recently b/c I used to trade the QM (miny on Globex) and slowly the volume just died. I wasn't willing to daytrade something with so little volume. And I thought oil was out of my trading life.

Until I found the CL. I was able to find it due to the massive data available through Open ECry to their customers. I enjoyed trading the QM as it always provided a completely different instrument from the indexes to trade.

I know others here have asked about contracts that can move or just something to consider outside the indexes and the CL is a possible option. The volume is decent for an oil contract and can provide a nice contract to trade that does not move based on the US indexes.

Some highlights of this contract:

* Tick value = $10.00/tick USD
* Trading is good till 2:30pm EST. It is still open after 2:30, but due to the pits closing, the electronic contract dies as well. Kinda nice if you don't want to work will 4:15pm!
* This thing will react to the weekly oil inventory numbers, so I suggest knowing exactly when this report is (usually Wed @ 10:30am EST).
* This is a PHYSICAL contract, which means if you hold until settlement, it is NOT settled in cash. It is settled in REAL oil. In other words, do not hold into expiration.
* Speaking of expiration, the contract expires MONTHLY. I have an alert on the 3rd Wed of the month to watch volume rollover. Again, exit all trades of the current month by the 3rd Fri of the month. I would not suggest holding this contract overnight anyways, so if daytrading, you should be out of all positions by the close.
* This puppy can move, so please watch before trading real money.
* Most brokers/charting have this contract as the CL.
* Commissions can be higher than other contracts. Open ECry has been very competitive with me for CL trades. One issue I have found is that some brokers do not clear the Nymex/Globex trades, so your broker will have to route the order to another broker and of course, this adds on cost to you.