 So let's pull over here, so we're getting oil numbers at 1030 gonna jump in here Let's pull up the contract oil pretty much flat for the day We're going into the call spreads. We want to check out some exposure. Maybe to the bullish and bearish side So we're looking at the June contract trading at 6370 6371. We're gonna look for exposure Maybe to the upside in the downside. It's kind of cool. It's basically what Kevin was just talking about in terms of right you get a real What's the cost to buy bullish exposure? What's the cost to buy bearish exposure? The other way to say this is that what we do is we basically figure out what the expected move is because that's the price to buy these Exactly right for the oil contract every day every Wednesday, so 6372 we'd have exposure from 6350 would be our best option So you'd have about 22 cents to the upside now That's not going to give us the expected move because as Kevin said you want the price of at the money, right? That's why we like these at the money you buy. I'm literally right at the money. No intrinsic value You're just paying premium jump into the noons. That's what I was hoping 6375 perfect Wow, there we go So and and the oil contracts even ticking right up to it as we speak so the bullish contract up. Sorry wait 63 nope, this is the bullish one so that's costing us $18 getting in at 63 93 the floor is 6375 We're the contracts trading that and then we get the same exact $1.50 to the downside and it's going to be almost identical $1 difference up and as we say it we're looking at 37 37 bucks So you're looking at 37 pennies yeah away from exactly where we're trading that right now that's your expected move. That's pretty good I knew well. Yeah, there you go, right It's great because it really does line up to the penny now Let's just see how the dailies line up because this would give us the expected move by 230 right This is the expected move by noon. This is the expected move by 230 And they're gonna line up at 6350. So not quite ideal the dailies here. Yes, 6350 So the noon and we like the noon sometimes yeah, they give you a full hour and a half after the number drops in 1030 And you're trading right at it and again keeping in mind This gives you the expected move where you get exposure in both directions But just like Apple yesterday if you just wanted to go on the bullish side that wasn't gonna cost you half of that You know 980 you know, so 450 just like in this trade you want either side 18 to 19 dollars as this ticks around 6375 and so let's just take a look see how Okay, so intraday Let's see we did so you got a little pop here Let's go into the downdraft from That's last Friday, huh? Yes four days. That's last Friday. It sure is Yeah, I'll take it. I'll take it to the downside. Okay shakes out. Yeah I mean yesterday quite a volatile day for sure did did gave it up on price. Yeah, you know Still at highs though. I mean well Oh for sure everything in context doesn't putting it in context of where we've been exactly And then even just to pull it up on a more shorter time frame because the contract did That ISM number hit hit everything man even at 10 o'clock Well, yeah, so look at that it did spike from you know 6385 to 63 62 talking about over 23 cents just on that ISM I mean maybe that helps add to the downside and you know when we line these up we're at 6375 We're now six pennies even below that level, but nonetheless we get the numbers in about six and a half minutes Let's see what they're looking for so live is probably up by now. Yes, it probably is. No, you're right. Perfect Let's try and dig in so we'll go top live Crude oil See where we're at. Okay. Perfect. This is the what to watch. Let's just read and see where we're going so Gas stockpiles have fallen ten straight weeks the longest stretch of decline since 2012 Even if the total figures pay close attention to the regions European cargos have diverted from New York to LA after California refinery problems and prices More than 50 cents a gallon above futures. Wow. We talk about these refineries. Yeah, I know So some arrived in the past week with more on the way pad 1c Which encompasses New York Harbor delivery point for the NIMEX contract is the lowest seasonally since 2014 So you see I mean it looks like they just take those tankers you got a tank right this ale We're gonna divert you man. We gotta go get my money. Well, we gotta go to a different port because they're not refining it at that point Number two crew production February output was 11.68 million barrels a day in the latest monthly report released Tuesday That's quite a bit lower than the 12 million in the EIA weekly figures for the month Cushing stockpiles now that WTI Midland has backed off to about $5 DBL what is that? Per Barrel under cushing There's more incentive to send barrels up to the hub rather than force them through the coast via trainer truck again talking about moving These around the country right? Yeah inventories have stabilized in the mid 40 million range US crude exports seem to be on the mend after getting hit by the ITC chemical tank fire again We talked about it's amazing how these things play out for continual right that one fire in March and some bad weather That's swept through Texas in early April. We aren't out of the woods yet Though parts of the south we're dealing with tornadoes heavy rains windstorms much the last week while reports on outages were scant Some of the impact could show up in slower outflows Yeah, so if you can't get those exports out of the country because of column natural problems disaster in terms of weather And let's just see if they do have any of those headline numbers Let's see So a API came in So that is looking I don't think it had the number that six point other you go, okay So they crude Rows six point eight one million barrels that was last night at four o'clock and this gives us a number. I believe so crude We're looking for whisper numbers so four million barrels survey numbers one point seven five You want to you want to guess where are we going? I think it's closed Isn't it say close? Oh, it does say entry close we missed it where they cut it off five minutes Maybe ten minutes. I think it's ten minutes before the number. Okay, we'll get in there So looking for a built right looking for a build API was six plus whisper numbers four plus million Survey numbers one point seven five We'll find out it's coming to us you love it Yep stare at their folks Tommy and I come right back our phone numbers eight seven seven nine two seven six six 48 we have now industries of 40 nasa up 28 S&P's up to that nazics give it up Stare at your folks come right back Are you amazed by this number is that what's happening? Speechless man. You should nine so we get a rise of nine point nine three million barrels Median an estimate was one point seven like we talked about you the Bloomberg survey coming in at maybe about four million Nonetheless way over than we thought jumping back and you've seen a quite a spike They were trained at sixty three seventy five even ahead of that number. We traded lower Which is just interesting. Yeah, but you could have as we pulled that up right exposure from sixty three seventy five Contract was going to cost us about thirty seven cents thirty seven dollars But thirty seven cents in the price of oil. Yes, and you had exposure until noon It's a right away. You got a spike down to sixty three twenty one You can always have these orders in you know in terms of if you want to bid in there Because that happens sometimes but we'll fall back up nonetheless pretty big build maybe cheaper gas prices coming at us both time Yeah, let's go to a Ken in Kansas City. Hey Ken. What's going on? We lost Ken. Okay, you wanted the stock was up there For sure. Sorry about that. That's all right. We got it. We got oh, I oil you oh, I'll you One more hold on there we go Okay, so let's take a look Okay, so this is the pro shares Ultra-pro three times exchange traded fund Oh, I hope I was going short on this daily investment that corresponds to three times the daily performance of the corresponding Benchmark, okay, so WTI crude oil subindex. Yeah, that's gonna be dropping as oil drops, right? Yeah Welcome back folks. We get some action and oil. We sure do man. We might be below 63 bucks by the time we're off the air And the ones we looked at that was a dozen noons. That would have been a sweet trade I've got up here. So this is the bearish side of the spread that went till noon You again you'd have until noon if you want that exposure you want to exit this trade right now You're gonna get $68 the whole contract was gonna cost as in both sides 37 I kept saying man, you could easily have taken this you were maybe a little bearish, right? You're putting up about 18 20 bucks and if you want to let it run man, that was a 10 million barrel built It might run it might run for sure. Well, you know the tennis is brought up there Yeah, I think I've been so well straightened up man. That's gonna be a huge oil supply. Yes. Yeah, good luck Just just a good luck humanitarian. No, I say like as in they that that's quite a neaterian deal exactly