Commodities Futures

  Another day another $453M! That’s right, there are still 335,695 open 1,000-barrel July contracts on the NYMEX with just 2 weeks left to dump them and the pump crew was foolish enough to run oil back to our $100.60 target, where we were able to jump back in and short it in last night’s Member Chat (as the Gekko said: "Money never sleeps!"). This morning we took a stop at $99.25 and now we are patiently waiting for them to pretend they want to pay over $100 for oil again so we can short it again – isn’t this fun? We don’t get a lot of trades where the manipulation is so blatant that I can (and have for the last 2 weeks) publicly call trade ideas that thousands of people can participate in but, in this case, each single oil contract made $1,350 on that move – in just 12 hours – there’s plenty of money to be made for all...

Northern Oil and Gas (NYSE: NOG) today announced recent completion results and current drilling activity. Northern Oil participated in the Mustang #1-22H, a successful Bakken test well operated by Slawson Exploration in Mountrail County, North Dakota. Northern Oil controls a 39.56% working interest in the well, which had an initial production rate of 1,829 barrels of oil per day ("BOPD"). Northern Oil's BOPD rates do not take into account flared natural gas production. The well had an initial tubing pressure of 1,900 psi on an 8/64th choke. In an important extensional discovery into eastern Montana, Northern Oil participated in the Tveit 25-36 #1H, a successful Bakken test well operated by URSA Resources in Richland County, Montana. Northern Oil controls a 39.54% working interest in the well, which had an initial production rate of 501 BOPD. Northern Oil recently participated in the Alamo #2-19-18H, a successful Bakken test well operated by Slawson Exploration in Mountrail County, North Dakota. Northern Oil controls a 29.98% working...