Oil Market Set To React To Gustav; Electronic trading will start early on Sunday...

[Purveyor]

Source: CNN Money

NEW YORK (CNNMoney.com) -- The world oil market's reaction to the gathering threat of Hurricane Gustav will be put to the test in a special trading session on Sunday afternoon.

Electronic trading will begin several hours early at 2:30 p.m. ET, according to the CME Group, which runs the New York Mercantile Exchange and Globex electronic trading system.

This is the first time that NYMEX has extended trading for an emergency.

"We wanted to provide with the opportunity to respond to the storm's potential impact to energy markets as quickly as possible," said Bryan Durkin, chief operating officer of CME Group, which runs the NYMEX.

Electronic trading on Sunday normally begins at 6 p.m. ET, coinciding with trading in Asia. Floor trading in New York will remain closed as scheduled on Sunday. Monday's trading will continue as scheduled: Floor trading closed for Labor Day but investors able to trade electronically throughout the day.

"In times of emergency, it is very important to have the markets opened," said Esa Ramasamy, director of market reporting for energy analysis group Platts. "People need to protect their positions if they're exposed to market changes."

Read more: http://money.cnn.com/2008/08/31/markets/oil_trading_gus...

[clear eye]

1. Oh, great, another excuse to run up the price of crude.

Shame on the NYSE for collaborating.

[unblock]

8. cme/nymex, not nyse

[clear eye]

9. Thanks. I'm not much on financial institutions.

I'll have to do a little reading online about the difference. Whoever they are, my wallet is mad at them.

Edit: Got it now. Not stocks. NYMEX handles energy and precious metals trading and they've just merged with Chicago Mercantile Exchange that does derivatives. But it doesn't look like the terms of the merger have been finalized, unless there's something newer than what I just read. Thanks again for motivating me to do a little learning.

[safeinOhio]

2. Fill up now. n/t

[zeemike]

3. Can't miss the opportunity to run the price up no can they..n/t

[SammyWinstonJack]

7. Never miss an opportunity to gouge the piss out of us! Nope can't pass that up!

[BadgerKid]

4. "People need to protect their positions"

Exactly. it's all about micromanaging the portfolios when this unexepected weather event goes contrary to the trend they created and are positioned for.

Yes, I am that cynical these days.

[skoalyman]

5. I don't see oil going up that high seems like most of the momentum

isn't there unless they get back on the wagon again

[liberal N proud]

6. A market that would normally be closed for the Monday holiday

is opening on Sunday so they can squeeze every last dollar from out pockets.

Then they will have the balls to tell us they need drill more in the Gulf of Mexico.

[Odin2005]

10. Speculators = PURE EVIL

Bunch of greedy bastards!

[trthnd4jstc]

11. This is why we need a National Energy Plan, not based on Petroleum.

Impeach Cheney!

[whistle]

12. Sunday is almost over so what has happened to crude oil prices?

[CatholicEdHead]

13. Stil stable

but there are still many hours until dawn.