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Crude Complex Market Halted - Update: Market To Reopen At 3:15pm With 15 Minute Preopen

Tyler Durden's picture




 

Update 3: Market reopens - "perfectly normal market"

Update 2: "CME Globex Crude Complex Futures and Options markets will open at 14:15 Central Time with a 15 minute pre-open"

Update from CME: "The following actions will be taken on CME Globex Crude Complex Futures and Options markets prior to the market opening: All day and session orders, including GTDs with today's date will be cancelled. All GTCs that have been acknowledged will remain working."

Something odd is going on in crude quotes which halted at 2:04pm, following what may have been an algo gone berserk in advance of what may or may not have been a block order. The feed has since stopped transmitting. The initial read is "technical difficulties" out of the CME Globex crude exchange. Someone take quote stuffing a little too far today?

And this is what happened in USO just before the crash. Note the surge in volume:

And on the CME's website:

And upated CL March volume chart:

Update: $101

Translation: all your electronic barrels are belong to SkyNet.

 

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Mon, 02/13/2012 - 15:49 | 2154750 lotusblue
lotusblue's picture

The VIX dropped like rock 1.3 points at around the exact moment,

then rocketed back up after a couple of minutes.

 

Any thoughts for corralation?

Mon, 02/13/2012 - 15:57 | 2154778 Ruffcut
Ruffcut's picture

I kinda doubt it. The cboe handles the vix shit as dervivative.

Mon, 02/13/2012 - 16:16 | 2154873 lotusblue
lotusblue's picture

Must be some corralation.But I would have expected VIX shoot to upside.

Both quite mind boggleing.

Mon, 02/13/2012 - 15:50 | 2154751 DarkStarDog
DarkStarDog's picture

Light that candle.

Mon, 02/13/2012 - 15:52 | 2154757 vote_libertaria...
vote_libertarian_party's picture

Wow, so now 99% of oil trades are bots playing ping pong?

 

Get ready for 40 straight days of oil up?

Mon, 02/13/2012 - 15:53 | 2154758 fuu
fuu's picture

This will be all the excuse needed to ramp gas to $4/gallon this week.

Mon, 02/13/2012 - 15:54 | 2154764 Japes
Japes's picture

The high frequency traitors [sic] finally caused a DDoS attack.

Mon, 02/13/2012 - 15:54 | 2154766 walküre
walküre's picture

My prediction. All trading charts will look like this in a few months before finally FLAT LINING.

Why? Because the real trade is no longer happening on a digital board somewhere. The real trade is my plumber coming and fixing a broken waterline because he can't afford to buy himself any beef. Truth be told, the shelves are basically empty except for synthetic food from China which is always going for pennies. All grown food and food products are available at your local farmer only. Bring silver, gold or a good trade you can barter with. And I'm not talking about those trading skills which put legions of bankers, financial advisors and brokers into the soup kitchens of America.

Mon, 02/13/2012 - 15:54 | 2154767 Fail2Deliver
Fail2Deliver's picture

So the CME just halts trading AND cancels all trades without explanation? Wish I could do that whenever a trade goes wrong....

Mon, 02/13/2012 - 15:56 | 2154774 QuantumCat
QuantumCat's picture

Markets are undeniably broken.  Rigged game.  I've held out on believing it, but THAT is undeniable proof of propped up trading system.  What is the probability of a perfectly recursive trading pattern over several hours?  ZERO.  We should all withdraw.  The question everyone should be ready to answer when the time comes... "Will you comply?" 

Mon, 02/13/2012 - 16:09 | 2154831 Everybodys All ...
Everybodys All American's picture

the answer should be ... Give me liberty or give me death.

Mon, 02/13/2012 - 15:58 | 2154775 yogibear
yogibear's picture

Conflict with Iran starting? If so, watch it just explode to the upside in just minutes.

Mon, 02/13/2012 - 16:04 | 2154804 imamonkey
imamonkey's picture

Clearly the machines are in charge ... a little scary when Skynet tries to determine what WE pay for oil, LOL ....

Mon, 02/13/2012 - 16:07 | 2154814 surf0766
surf0766's picture

So someone believes prices are going much higher? Is that the reason for the hugh jump in volume?

Mon, 02/13/2012 - 16:07 | 2154816 MIDTOWN
MIDTOWN's picture

Why would US do anything to increase the crude price the day before the monthly BLS - CPI sample?

Mon, 02/13/2012 - 16:12 | 2154850 Falcon15
Falcon15's picture

Because reagrdless of what the BLS determines for energy and food pricing as far as the CPI goes, that portion of their calculation of the CPI is ignored by the Fed, by LAW. It matters NOT what the price of energy and food are doing.

Mon, 02/13/2012 - 16:09 | 2154826 Carl Spackler
Carl Spackler's picture

Cue the music for the CME employees...

Silver wings, upon their chest.

These are men, America's best...

Mon, 02/13/2012 - 20:45 | 2154834 SILVERGEDDON
SILVERGEDDON's picture

PUT THAT COFFEE DOWN !!!!  COFFEE IS FOR CLOSERS !!!!  Save gas, fart in a jar. Winners win First Place. Every one else is last - a loser. Welcome to Trading 2012, Mayan Edition. RISK ON !!!!!

Mon, 02/13/2012 - 16:11 | 2154840 Seasmoke
Seasmoke's picture

HEADS UP EVERYONE IN IRAN

Mon, 02/13/2012 - 16:12 | 2154845 firstdivision
firstdivision's picture

QE3/Iran/Unicorn's shitting skittles is now priced in.

Mon, 02/13/2012 - 16:17 | 2154882 yogibear
yogibear's picture

I'll take a nice pause until the next ramp up. Just about the right time for them to spike oil again.

Mon, 02/13/2012 - 16:19 | 2154890 BudFox2012
BudFox2012's picture

Price up in New York 2.33%, over the $100 a barrel psychological barrier. 
http://data.cnbc.com/quotes/CLCV1

Mon, 02/13/2012 - 16:21 | 2154904 vote_libertaria...
vote_libertarian_party's picture

So it was being 'botted to keep the prices down?

 

I'm starting to think with the manipulation being keep stocks going higher and todays keep oil low the bota are being run by the Fed.

 

Just saying...

Mon, 02/13/2012 - 16:24 | 2154916 Japes
Japes's picture

Haha..now the graph looks like someone failed a lie detector test.

Mon, 02/13/2012 - 16:27 | 2154934 Nobody For President
Nobody For President's picture

It's those damn anonomous people interfering with our free markets ...something must be done!

Mon, 02/13/2012 - 16:32 | 2154956 blu
blu's picture

It's like a circus. One day it's there and the next day it vanishes.

Not fooling anyone around here, though.

Mon, 02/13/2012 - 17:01 | 2155057 AC_Doctor
AC_Doctor's picture

Does this signal that the "Mahdi" is coming.

From Wikipedia, the free encyclopedia

In Islamic eschatology, the Mahdi (Arabic: ????‎ / ISO 233: mahd? / English: Guided One) is the prophesied redeemer of Islam who will rule for seven, nine or nineteen years- (according to various interpretations)[1] before the Day of Judgment (yawm al-qiyamah / literally, the Day of Resurrection)[2] and, alongside Jesus, will rid the world of wrongdoing, injustice and tyranny

Mon, 02/13/2012 - 17:18 | 2155136 steelrules
steelrules's picture

I would so laugh my ass off if Ahmadinejad came out and made a statment that Iran is stopping it's efforts in the 40 old obsolete techonology of enriching uranium.

And said that we are now going to Thorium reactor technology, if we ever really wanted the bomb we could have easily gotten the materials from China Russia Packistan even India...

Oh and the charts they look binary.

 

Mon, 02/13/2012 - 17:45 | 2155277 The_Emperor
The_Emperor's picture

It's the rise of the machines, I wonder when they'll invade us.

 

http://theimperatore.blogspot.com

Mon, 02/13/2012 - 18:01 | 2155346 SAME AS IT EVER WAS
SAME AS IT EVER WAS's picture

This bullshit's gettin old. We're all getting one right up the keister prison stlye from these prick bastards. You name it: oj, nat gas cotton corn wheat, OIL, etc...etc... The "equity market" has now become  the bloodsuckers playground. I'm all for making a buck in speculating but is it me or has speculating now a secret society  license to lie, cheat, manipulate, plunder and most importantly-gaurantee the next best to alternative to a money printing machine, all at the expense of the rest of the whole world, i.e. %99.99999.

Mon, 02/13/2012 - 18:12 | 2155386 Downtoolong
Downtoolong's picture

Jesus,  I sell a covered call on 300 shares of USO and the whole thing burps, farts, and breaks. What happens if I try to unwind it tomorrow, does the sun blow up?

 

Mon, 02/13/2012 - 18:29 | 2155437 Alpacanio
Alpacanio's picture

Israel buying up all the JPL reseves?

Mon, 02/13/2012 - 19:04 | 2155583 The Alarmist
The Alarmist's picture

Probably just a Congress-Critter doing a little insider trading before the bombing of Iran begins.

Mon, 02/13/2012 - 19:52 | 2155761 Money 4 Nothing
Money 4 Nothing's picture

I think it did what it was supposed to do, the robots are just getting tired of range trading under pressure.

Mon, 02/13/2012 - 19:52 | 2155770 Jim in MN
Jim in MN's picture

I know that signature

STUXNET ALGO

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