Friday, June 27, 2008

Oil Is Rising, But Volume Is Low

From MarketBeat:
Carolyn Cui has this report on what’s happening in the oil market.

Oil continues to push higher, but there’s some doubt lingering in the trading pit: the volume is not great.

As of 11:55 a.m. ET, crude oil’s most active August delivery contracts traded about 140,000 lots, compared to the contract’s average daily volume so far this month of 298,984 lots, according to real-time market data. Although it’s still early in the day, “it is way off the normal level,” said Raymond Carbone, president of Paramount Options Inc....MORE

The August futures were up as much as $3.35 earlier. Last I saw they were up around a buck.