"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat

Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput

Trader Dan's free work will soon be available at www.traderdan.biz

Friday, March 4, 2011

CME Hiking Margin Requirements for Crude Oil

CME Group has announced a hike in the margin required to hold WTI crude oil contracts effective as of the close of business today (Friday).

Those of you holding crude oil contracts should take note. The same holds true for heating oil and gasoline contracts. This is standard practice whenever price volatility increases.

For West Texas Intermediate crude on the New York Mercantile Exchange, CME is raising initial margin requirements, or the deposit required to purchase a
contract, for speculators to $6,775 per contract, up from $6,075. Maintenance
margin requirements, or the additional deposit required for keeping a contract
overnight, increase to $5,000 from $4,500.

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