Oil Futures at Bodog.

[cefis21]

Holy carp. I got -120u. It's -300u now.

I really love prop betting. It may take some time to get your money, but there is just something about it that I love. Maybe it's the weirdness of the bets. I cant believe that I have bet and won on some of the stupidest things. Hot Dog and Hamburger eating contests(which I cant even watch). Tom Cruise possibly attending a soccer game, movie openings, academy awards, David Hasselhoff's drinking problem, etc.
I will always love props and it's important that we all keep up with it here at 2+2. Profit and have and fun time doing it.

[JasonK]

Crude Oil Rises as Speculators Bet N.Y. Prices Will Top $100

By Mark Shenk

Nov. 9 (Bloomberg) -- Crude oil rose as speculators purchased contracts in anticipation that prices will top $100 a barrel in New York.

Oil prices may exceed that level next week as December futures and options contracts expire, said Edward Morse, the Lehman Brothers Holdings Inc. chief energy economist whose 2007 oil forecast was the highest among those surveyed, in a report today. Prices fell earlier today as producers in the North Sea restored output at platforms that were closed by a storm.

``There was bargain hunting once prices dipped below $95,'' said Eric Wittenauer, an energy analyst at A.G. Edwards & Sons Inc. in St. Louis. ``The recent pattern has been that any move lower has been met with renewed buying because all eyes are looking at $100 oil.''

Crude oil for December delivery rose 46 cents, or 0.5 percent, to $95.92 a barrel at 11:47 a.m. on the New York Mercantile Exchange. Futures climbed to $98.62 on Nov. 7, the highest intraday price since trading began in 1983. Prices are up 57 percent from a year ago.

``Once again there was no follow-through when the market tried to correct,'' said Tom Bentz, a broker at BNP Paribas in New York. ``We're all eyeing the crude option expiration on Tuesday and eyeing $100.''

An oil options contract gives a buyer the right to buy or sell a specific quantity of crude-oil by a specific date and at specified price. Oil may test $100 on Nov. 13 when options expire, according to the Lehman report.

[thing85]

I don't give much weight to these kind of articles. Also note that the prop bet originally posted here has a line of $102.75...so it can still surpass $100 a bit and the under will be okay.

[centris]

Any value in the price surpassing 100$ before Nov 15 at +600?

[AvivaSimplex]

[ QUOTE ]
Any value in the price surpassing 100$ before Nov 15 at +600?

[/ QUOTE ]
Depends on the exact wording of the prop. Does it have to close above $100 or just trade there intraday? If the former, I think there's value.

[cefis21]

It does not have to close with that price. It's the day the price surpasses $100. Current price $95.84.

[NajdorfDefense]

Am I the only one to think 'Exactly which oil futures delivery contract are they talking about?'

[thing85]

Good news for those betting against rising oil prices:

http://www.marketwatch.com/news/story/oi...CFED032F0CDA%7D

FWIW, I think Bodog's "When will the price of Oil Surpass $100 a barrel?" bet for 12/28 or later at +150 still has some value.

[4Tay]

Correct me if I'm wrong, but isn't OPEC notorious for not following through with their promises? I think inventory reports are more reliable.

Here's another recent article saying that they won't raise outputs:

http://www.bloomberg.com/apps/news?p...p;refer=energy

[AvivaSimplex]

[ QUOTE ]
Am I the only one to think 'Exactly which oil futures delivery contract are they talking about?'

[/ QUOTE ]

WTI, LDO.