Selling Crude Oil December Futures

Sold 60c@$250 and closed on the same day for $200. Nothing much to see here..

Basis:

  • With a longer term trade with around 45 days to go, getting 20% of premium value within a day enticed me to close early and free up margin for more trades.
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Selling Crude Oil November Futures

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Sold 52C@$310 and closed the next day at $270. Sold 52C@$210 and closed the next day at $170. Strangled at 55c@$70/42p@$50.

Basis:

  • I cant remember why i closed those 52c trades so fast, but it could be due to a lack of confidence during that period of time.
  • Strangle mostly based on selling low delta options

Selling Crude Oil September Futures

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Sold the 49c/38p strangle at $170 per strangle.  45p@ $70 for a shorter term trade too.

Basis:

  • the 38p part of the strangle was put behind regions of price reversal. the 49c however was mostly based on selling low delta/far out of the money.
  • 45p trade was a very short term trade betting that prices would be up for the next few days as price had breached previous support levels. I cant remember if there was positive news fuelling the rally too.