How do I buy oil? ---$38 a barrel

**Nicky** · 12-23-2008, 01:42 PM

wassnt it at like 32 a while ago?

**Kard63** · 12-23-2008, 01:58 PM

Originally posted by Nicky

wassnt it at like 32 a while ago?

yea $33 yesterday but I wasn't privy to that info. But its not over... how do i buy?

**SomeCreep** · 12-23-2008, 01:59 PM

Originally posted by Kard63

Can I call up etrade, open an account, and buy commodities just like I would stock? At $38 a barrel I'm ready to buy!!!

If you want to buy oil, buy ticker symbol, USO. It's an exchange traded fund which reflects the price of oil. That's the easiest way to buy oil.

If you want to buy actual oil, ask your broker to explain NYMEX traded oil futures.

**marketsmart** · 12-23-2008, 02:02 PM

i sale oil by quart....

let me know what you want sae 40 or sae 50...

i send asap...

**Zuzana Designs** · 12-23-2008, 02:06 PM

Originally posted by marketsmart

i sale oil by quart....

let me know what you want sae 40 or sae 50...

i send asap...

Do you have 10w-40 ??

**Kard63** · 12-23-2008, 02:07 PM

Originally posted by SomeCreep

If you want to buy oil, buy ticker symbol, USO. It's an exchange traded fund which reflects the price of oil. That's the easiest way to buy oil.

If you want to buy actual oil, ask your broker to explain NYMEX traded oil futures.

thanks but its not a perfect reflection

and I dont want futures. I want the rights to some barrels.

**marketsmart** · 12-23-2008, 02:08 PM

Originally posted by Zuzana Designs

Do you have 10w-40 ??

not this time of the year..

check back in march...

**WarChild** · 12-23-2008, 02:09 PM

Originally posted by Kard63

thanks but its not a perfect reflection

and I dont want futures. I want the rights to some barrels.

Oh no problem, I think what you have to do is just call up the OPEC batline. Just let them know that when they have a few extra minutes between large orders that you'd like them to send a few barrels over to you.

**sandman!** · 12-23-2008, 02:24 PM

here ya go http://www.pfgbest.com/

if you need a broker to explain shit to you let me know

one of my buddies is a broker.

takes around 10k in cash to be able to trade oil last time i checked.

**Kard63** · 12-23-2008, 04:11 PM

Originally posted by sandman!

here ya go http://www.pfgbest.com/

if you need a broker to explain shit to you let me know

one of my buddies is a broker.

takes around 10k in cash to be able to trade oil last time i checked.

I'd like 1,000 barrels so I am cool with that. I'll follow the link now, thanks.

**Iron Fist** · 12-23-2008, 04:27 PM

Originally posted by Kard63

thanks but its not a perfect reflection

and I dont want futures. I want the rights to some barrels.

Then open up your own oil drilling platform...

**chodadog** · 12-23-2008, 06:28 PM

Originally posted by Kard63

thanks but its not a perfect reflection

and I dont want futures. I want the rights to some barrels.

Think they'll just throw some barrels into the corner with your name on 'em?

**SomeCreep** · 12-23-2008, 06:32 PM

Originally posted by Kard63

I dont want futures. I want the rights to some barrels.

That's exactly what oil futures are.

**Voodoo** · 12-23-2008, 06:38 PM

I just want 1 barrel of oil please. How much is shipping on that?

**EscortBiz** · 12-23-2008, 06:59 PM

invest in some kosher delis

**Shaze** · 12-23-2008, 07:06 PM

Originally posted by Kard63

Can I call up etrade, open an account, and buy commodities just like I would stock? At $38 a barrel I'm ready to buy!!!

yes you can open up a commodities trading account at etrade to buy oil futures in which it is possible to own the physical oil, but most people don't do this. they just buy and sell the futures like stock and never take delivery of the physical product. you need to buy in lots of 10k barrels or something like that.

like a poster said USO or other similar oil commodity type ETF's are the best way to do this. buying commodities is for the big investors.

**Shaze** · 12-23-2008, 07:08 PM

Originally posted by chodadog

Think they'll just throw some barrels into the corner with your name on 'em?

it's actually possible when you buy oil futures. if your futures expire they will hold your barrels of oil in a warehouse where you have to go through some red tape stuff before picking up your barrels of oil

**Spunky** · 12-23-2008, 07:50 PM

I sale cheap barrels of oil

**Kard63** · 12-24-2008, 08:10 AM

Originally posted by SomeCreep

That's exactly what oil futures are.

Futures expire. I just want a piece of paper that says I own 1,000 barrels of oil and I can sell them at the going market rate whenever I want.

**aniloscash** · 12-24-2008, 08:24 AM

uso is trading at 29.10 oil is trading at 37.38 per barrel. whats up with that. as far as I can find USO is tied to texas cruide. but we are talking over 20% price arbitrage?

**slapass** · 12-24-2008, 08:26 AM

Originally posted by Kard63

thanks but its not a perfect reflection

and I dont want futures. I want the rights to some barrels.

USO is pretty good for this.

**SilentKnight** · 12-24-2008, 08:31 AM

Oil futures...

**wig** · 12-24-2008, 08:44 AM

Originally posted by Kard63

Futures expire. I just want a piece of paper that says I own 1,000 barrels of oil and I can sell them at the going market rate whenever I want.

Yes, and when they expire you take delivery of the oil.

What exactly are you trying to do... hold physical crude oil for refining at a later date or own the commodity for price appreciation?

**aniloscash** · 12-24-2008, 08:51 AM

you have to be crazy to buy futures especially with the volatility. but you can always buy another contract to expire the existing ones and extend them. just have to do that before the expiration date.

**wig** · 12-24-2008, 08:59 AM

volatility is a good thing IMO.

on the other hand, if you have a limited amount of money, the leverage of futures combined with volatility can be dangerous.

**Wizzo** · 12-24-2008, 11:11 AM

Originally posted by Kard63

Futures expire. I just want a piece of paper that says I own 1,000 barrels of oil and I can sell them at the going market rate whenever I want.

Then you better have a place to store them, otherwise futures are the way to go...

**Telly** · 12-24-2008, 11:15 AM

Originally posted by SilentKnight

Oil futures...

What a waste of good roast duck.

**SomeCreep** · 12-24-2008, 11:42 AM

Originally posted by Kard63

Futures expire. I just want a piece of paper that says I own 1,000 barrels of oil and I can sell them at the going market rate whenever I want.

Read up on futures. They're what you're asking for. I'd explain them further, but I just don't have the time.

**SomeCreep** · 12-24-2008, 11:44 AM

Originally posted by aniloscash

uso is trading at 29.10 oil is trading at 37.38 per barrel. whats up with that. as far as I can find USO is tied to texas cruide. but we are talking over 20% price arbitrage?

The price of USO is arbitrary. What matters is that it is weighted so that it moves in tandem with the price of nymex crude.

**Kard63** · 01-07-2009, 01:12 PM

Hmm. up up and away. i'm too fuckin slow

**doridori** · 01-07-2009, 01:23 PM

i think you are talking about futures contracts? keep in mind that these contracts are very expensive in the couple of 1000s of usd. also there is margin requirements that you need to maintain if you are holding the contract for more than one day.

perhaps you want to look into etf ?

**brassmonkey** · 01-08-2009, 04:33 AM

hahahahaha oil barren

**crockett** · 01-08-2009, 04:35 AM

Originally posted by Wizzo

Then you better have a place to store them, otherwise futures are the way to go...

How do I buy oil? ---$38 a barrel

How do I buy oil? ---$38 a barrel

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