Where to trade brent crude

[Kevin21]

Hey,
as the title says really... i've never traded commodites before so i don't really know where to start. I've got an IB account and a CMC account, so where would i go to trade brent crude? I take it they have cash prices for it as well as futures? Also if i was to trade futures on IB, which exchange to i have to subscribe to access it? When i looked on cmc they just had futures for 'uk oil' and 'us oil' doesn't say if it's brent crude, light etc....


Many thanks

Kevin.

 

[c6ackp]

Don't know about CMC, but...

IB : Brent Crude futures : ticker=COIL : exchange=IPE

You can use the "Symbol" lookup to identify products and codes.

COIL has been awesome this week

HTH
c6

 

[laptop1]

Hey,
as the title says really... i've never traded commodites before so i don't really know where to start. I've got an IB account and a CMC account, so where would i go to trade brent crude? I take it they have cash prices for it as well as futures? Also if i was to trade futures on IB, which exchange to i have to subscribe to access it? When i looked on cmc they just had futures for 'uk oil' and 'us oil' doesn't say if it's brent crude, light etc....


Many thanks

Kevin.

If you have an IB account ask you broker you dont; have to subscribe to an exchange, again you Broker will do that for you. All they want is your commission. they dont care what market you trade as long as you can cover the margin requirements.

 

[Kevin21]

hey,
cheers for your reply. Under market subscriptions in account managment, i can't find the IPE exchange... Also how much is one contract worth per point?

Many thanks

Kevin.

 

[gedward3]

I think Brent is listed on ICE now and not the IPE as they were taken over a while back. I think its the Intercontinental Exchange.. Dont know how you'll find it on IB as i dont use it.....

 

[celtictrader]

Brent and WTI

Brent is trade via ICE.Used be IPE about two years ago when the pits were still running for brent in London. ICE also have established a highly liquid WTI contract.

WTI is NYMEX's benchmark oil product.Used to be benchmark for oil worldwide but that badge has probably moved to ICE now. Anyway NYMEX WTI is a hugely liquid contract.This contract trades via CME and also in the pit .Pit volume makes up abouts 30 % of this contract.However the front month s volume is nearly all on screen now.

ICE used never have a WTI contract but set up one when NYMEX came over here to compete for their brent contract with the pit model.NYMEX s venture failed due to bad management and late FSA approval.ICE were smart and set up an ICE WTI screen contract while NYMEX s WTI contract was still trading in the pits in New York.

Usual story volume flowed to ICE.however Nymex have launched a fightback with side by side trading with pit and screen(CME) and have regained some volume.

Nymex recently launched a Dubai contract (DME) - although volume is still very small - for a new contract its doing ok for its first two months (about 4000 lots in open interest). I personally think this contract will be a success. The Arabs have bought into this venture with NYMEX so it could be interesting.The contract spec is also very high in quality.Its a wait and see i guess

 

[domi93]

Hi, You shouldn't trade energy markets. You dont even know the exchange and symbols. ICE market is a swap contract (not a physical one like the one at the nymex), you should check the weather very closely in the USA and UE, you should know the storage data,freigh data,the pipelines data, geopolitical troubles,the inter-market spreads (i.e., Crude vs NaT gas), the front-months spreads, you even have to pay attention to what terrorist are doing (check out www.Debka.com ). You should have Bloomberg or Platt. This is an extremly volatile market, it's crazy and fast.

 

[Kevin21]

and thats what i want.

 

[firewalker99]

Hi, You shouldn't trade energy markets. You dont even know the exchange and symbols. ICE market is a swap contract (not a physical one like the one at the nymex), you should check the weather very closely in the USA and UE, you should know the storage data,freigh data,the pipelines data, geopolitical troubles,the inter-market spreads (i.e., Crude vs NaT gas), the front-months spreads, you even have to pay attention to what terrorist are doing (check out www.Debka.com ). You should have Bloomberg or Platt. This is an extremly volatile market, it's crazy and fast.

I disagree. You needn't know anything about the news, anything fundamental let alone geopolitical. If you want to trade of a chart, forget about everything else and let price tell you what's going to happen.

 

[Kevin21]

thats exactly what i was gonna say. I've just got out of bed tho and really couldn't be bothered typing much lol. As long as there's some decent movement then i'm happy. Just wanna scalp 30pts out a day.

 

[celtictrader]

where to trade brent

mate see below. Your obviously a kid out of colleg who thinks he know s something.P.s you dont need to know anything about what you state to trade oil. Its a matter of preference.

IntercontinentalExchange® (NYSE: ICE) operates the leading global, electronic marketplace for trading both futures and OTC energy contracts and the leading soft commodities exchange. ICE’s markets offer access to a range of contracts based on crude oil and refined products, natural gas, power and emissions, as well as soft commodities including cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to currency and index futures and options.

Hi, You shouldn't trade energy markets. You dont even know the exchange and symbols. ICE market is a swap contract (not a physical one like the one at the nymex), you should check the weather very closely in the USA and UE, you should know the storage data,freigh data,the pipelines data, geopolitical troubles,the inter-market spreads (i.e., Crude vs NaT gas), the front-months spreads, you even have to pay attention to what terrorist are doing (check out www.Debka.com ). You should have Bloomberg or Platt. This is an extremly volatile market, it's crazy and fast.

 

[Kevin21]

mate see below. Your obviously a kid out of colleg who thinks he know s something.P.s you dont need to know anything about what you state to trade oil. Its a matter of preference.

IntercontinentalExchange® (NYSE: ICE) operates the leading global, electronic marketplace for trading both futures and OTC energy contracts and the leading soft commodities exchange. ICE’s markets offer access to a range of contracts based on crude oil and refined products, natural gas, power and emissions, as well as soft commodities including cocoa, coffee, cotton, ethanol, orange juice, wood pulp and sugar, in addition to currency and index futures and options.

Never underestimate someone.

 

[celtictrader]

What you on about!!

have you read this thread at all.

The guy says I should not go near the oil market!!! He has not a clue about me .Then he tries to explain what ICE. I worked on the IPE. I reckon I would know

 

[trader_dante]

There will always be arguments between what is more useful - fundamentals or technical factors.

I think both are extremely important in analysing a market and some of the best traders in the world use a combination.

Personally I use price action to trade oil with any eye towards the news affecting the market.

I am sure 30pts a day is reasonable although oil is so volatile intraday that you may find it easier to take slightly longer term setups.

I made 171 points today off a daily pin bar off a strong S/R level.

 

[Kevin21]

What you on about!!

have you read this thread at all.

The guy says I should not go near the oil market!!! He has not a clue about me .Then he tries to explain what ICE. I worked on the IPE. I reckon I would know

what the hell am i on about? what the hell are you on about?!


1. never underestimate someone was in response to you blurting out something along the lines of 'you're just some kid at college who thinks he knows something'

2. have i read the thread?! of course i have i started the it, have you? All i wanted to know what exchange it was on because i couldn't find IPE in my market subscriptions on IB (turned out to be under a broader umbrella) Instead i've got you make making patronising comments going on a tangent that has nothing to do with my original question. Don't tell me what i should and shouldn't trade when you know nothing about me, my different trading systems or my circumstances

 

[Kevin21]

oh yeah and i've never tried to explain to you what ICE is

 

[ceydababy]

Who should avoid the Oil market ?????

Hi, You shouldn't trade energy markets. You dont even know the exchange and symbols. ICE market is a swap contract (not a physical one like the one at the nymex), you should check the weather very closely in the USA and UE, you should know the storage data,freigh data,the pipelines data, geopolitical troubles,the inter-market spreads (i.e., Crude vs NaT gas), the front-months spreads, you even have to pay attention to what terrorist are doing (check out www.Debka.com ). You should have Bloomberg or Platt. This is an extremly volatile market, it's crazy and fast.

erm.....Never have I heard so much Crap in my life. Trade the charts. You think every local on Nymex knows all that ****. Don't thinks so.

 

[celtictrader]

erm.....Never have I heard so much Crap in my life. Trade the charts. You think every local on Nymex knows all that ****. Don't thinks so.

agree completely

 

[celtictrader]

what the hell am i on about? what the hell are you on about?!
Don't tell me what i should and shouldn't trade when you know nothing about me, my different trading systems or my circumstances

what the hell you on about. I never said any thing of the sort you muppet
1. never underestimate someone was in response to you blurting out something along the lines of 'you're just some kid at college who thinks he knows something'

2. have i read the thread?! of course i have i started the it, have you? All i wanted to know what exchange it was on because i couldn't find IPE in my market subscriptions on IB (turned out to be under a broader umbrella) Instead i've got you make making patronising comments going on a tangent that has nothing to do with my original question. Don't tell me what i should and shouldn't trade when you know nothing about me, my different trading systems or my circumstances[/QUOTE]

 

[bond_trader1]

Chill out...

You guys get so stressed...