The number of trading lots on this trading day exceeded 150,000 lots, an increase of 0.47%, to close at $18.99 per barrel, and still did not stand on the whole number of points under the counterattack of the bears.

Two consecutive days of upward attacks did not allow oil prices to finally break through $19.00, which cast a shadow over the subsequent trend. The volume of more than 100,000 lots in both days still did not make the settlement price finally stand on a whole number, which gave the market the most direct understanding of the determination of the bears.

According to the usual practice, NYMEX publishes the positions of each member at the end of each day's trading, and the increase in open interest of more than 10,000 lots in HSBC seats immediately attracted the attention of all parties in the market. Since most of HSBC's operations are in the UK and Southeast Asia, analysts are speculating whether it is from the UK or Southeast Asia.

Although I don't know the direction of the specific operation of these positions, but in connection with the direction of the market on this day, it is easy for a discerning person to conclude that these 10,000 hands are short, because although the trading volume is as much as 150,000 hands on this day, the oil price trend is still rising.

Didn't some money come from Southeast Asia? Compared to Southeast Asia, there are a lot of UK-backed futures brokers in NYMEX, so market watchers subconsciously believe that funds come from Southeast Asia.

As a result, the November crude oil contract fell in the following two days, but did not fall much in the case of long positions, and finally closed at $18.72 per barrel on Monday, October 4.

In this case. HSBC's position has not decreased or increased, making the market observer once again confused, could it be that this is really a hedging producer? You must know that 10,000 lots is 10 million barrels of crude oil, if it is really hedging, then these short orders will be held for a long time, and there will not be much wind and waves in the short term.

After two trading days of less than 100,000 lots, there were rumors in the market that the main force of bears was unable to suppress it, and the market was indeed such a trend, so that some people who were not afraid of death chose to enter the market, and these people decided the short-term market trend in the case of long and short battles.

Just four trading days. The price of crude oil rose from $18.72 on October 4 to $18.88 on October 8. It rose by $0.16 per barrel, or 0.85%.

Although most of the market is operated by small funds and followers, the main forces of long and short have been paying close attention to the movements of the market, and they have set up heavy defenses at low and high times. I'm afraid that at some moment, the other party will suddenly exert force. Push oil prices up or down a few levels.

The bears have gathered some of their funds though. However, the main force of the bulls avoided fighting, and the bears did not have any better options for the time being. You know, the previous operation of the two sides in the oil index market. As a result, the main bears lost at least more than $200 million in those two days, and although most of these funds remain in the futures market, it is difficult to say when they will change hands.

On Monday, October 11, the oil index opened at $18.94 per barrel, $0.06 higher than the settlement price of the previous trading day.

"It's coming to $19.00 soon, are we going to crack it down?" Li Mingyang looked at the trend on the screen and asked worriedly.

As analysts expected, Zhongshi's funds did open a short position of 10,000 lots, with an average price of around $19.10. Seeing that the price of oil was approaching their average position, Li Mingyang became a little worried.

"Let's take a look first!" Zhong Shi said a little absent-mindedly, "We won't be called on margin for the time being, and the number of positions will not have any effect." Besides, isn't there still a main force of bears! ”

It's just that in the eyes of those small funds, the position of 10,000 hands is definitely the main force of the bears. You must know that the total number of positions in the market is no more than 400,000 lots, and 20 short positions like Zhongshi are enough to cover all short positions.

Following the trend and some of the main bulls entered the market one after another, further pulling up the price of the oil index, but soon some bears entered the market, and the two sides launched a small-scale fight, and the oil price has been hovering around $19.00.

Seeing that no one could help anyone, just when Zhong Shi and others thought that the oil price trend was about to end near this price on this day, a buy order of 3,000 hands suddenly appeared on the buy order, and at the end of the trading of Zuihou on this day, there was less than half an hour before the end of the short sell order at $19.00 to absorb all the sell orders, and then two buy orders totaling more than 4,000 hands appeared, further pulling the oil price up to $19.05.

The sudden rise immediately attracted the attention of the market, and a large number of intraday positions also flocked to the single column of the selling price, causing oil prices to rise again one after another.

"What should I do?" Seeing that the price was approaching their average opening price, Li Mingyang couldn't sit still at all, and hurriedly asked Zhong Shi. After all, his pattern is still a little smaller, and he doesn't know that even if he has more losses, he won't be taken to heart by Zhong Shi.

"Short-term shorts in the market are trapped?" Zhong Shi also felt that it was very sudden, and now that the long and short sides are deadlocked, he is not very good at absorbing short positions from the market. But now there is a very good opportunity, although he knows that the bears must have set up a line of defense at the back price. "Don't do it, let's just follow as much as we want!"

Zhong Shi took over again, just to let other bears see clearly, he just wanted to be strong short. In fact, the long and short sides did not move during this time, and they were also afraid of the movement of funds from unknown sources some time ago. Now is the right time to take this opportunity to make a stand and officially appear in front of all parties.

"Open 10,000 lots and defend at the 19.10 price!" At this price, the pending order of 10,000 hands is open empty, in order to prevent the bulls from suddenly throwing out a large buy order again to engage in a blitzkrieg, which is a necessary measure. If the price of oil does not rise to that level, it will naturally not be traded.

"Open 1000 lots and try the lot size at $19.07!" With Zhongshi's order, the 1,000 short orders caused the price of crude oil in November to stagnate, and after staying at this price for a few minutes, the number of short hands was consumed, and the oil price jumped up another level.

"Open another 2,000 hands!" After seeing that the short order was consumed within a few minutes, Zhong Shi ordered to place an order again, of course, in order to consume the buy order of the longs, and was ready to give a little information to the follower, that is, the price that the bears can tolerate the rise will end here.

With a total of 3,000 lots in a row after the opening order was thrown down. Real-time price charts on electronic screens. After a few seconds of stagnation, the lot size of the buy and sell price jumps out. On the ask side, there are 2,478 pending orders, and on the bid side, there are 541 lots. The bulls clearly revealed the jiashi at the end of the strong crossbow.

Seeing that the effect was not bad, the price of crude oil futures froze at $19.08. And at this price, there are close to 2,000 short orders that have not been filled. As the transaction situation jumps on the screen one after another. Crude oil prices also jumped two levels in a row. Say. The bears not only held the $19.08 position, but also swept the buy orders at the two levels below.

The volume continued to amplify in the past few minutes, but the bulls' counterattack would soon come. After all, they can't make the market turn. Otherwise, it's a bit of a wasted effort.

"Sell 5,000 lots at $19.08." Zhong Shi didn't have time to sweep the list below with another bear, but opened a defense in the high position, and Zhong Shi knew very well that the bulls would not stop there.

Sure enough, the bulls' counterattack soon came, and more than 2,000 pending orders at the selling price were instantly filled, and the oil price rose again to $19.08.

However, they soon encountered the defense line that Zhongshi had already set up at this price, and the short order of 5,000 lots would definitely not be able to be filled in a moment and a half, and there was not much time left for long trading.

The bulls launched a number of air strikes here, but Zhongshi also continued to increase his position to consolidate the defense, and oil prices fluctuated at $19.08 and $19.07 for a few minutes of trading in Zuihou, but until the end of Zuihou trading, the bulls never broke through the defense set up by Zhongshi here, and finally the oil price closed at $19.07.

On this day, Zhongshi's several accounts finally received more than 6,000 short orders, with an average price of $19.07, plus the original short position of more than 10,000 hands, which increased his position to nearly 20,000 lots, and the average price also dropped to about $19.09.

In the next eight trading days, the bears, including Zhongshi, continued to attack the bulls, and finally successfully hit the oil price back to about $18.50 in the November contract Zuihou in one trading day, and in the process, Zhongshi's position was also established to about 80,000 lots, and both sides had no intention of delivery in November, and finally the two sides smoothly moved the contract to December.

The average price of Bell Stone's 80,000 contracts is around $18.80, and the margin cost is more than $200 million, making HSBC's seat the largest position announced by NYMEX. Most of the market observers believe that this is indeed a hedging order for oil companies, otherwise no institution can hold such a large position.

It's just that everyone didn't expect that this was indeed speculative funds, and it was also speculative funds with a lot of intentions, and Zhong Shi was waiting for an opportunity, waiting for the emergence of a black swan in the market.

The December contract fluctuated and finally settled on November 19. Because the 24th and 25th of the following week are Thanksgiving Day in the United States, the NYMEX market is closed during this time, and according to the rules of crude oil futures trading, the December contract will be delivered on the 19th.

The price of crude oil futures finally fell from $19.39 in November to $17.47 in December, and in all the trading days of the December contract, there were 10 trading days when the original fluctuating price exceeded 1%, which shows the intensity of the battle between the long and short sides, and the amplification of the trading volume caused by this fight also allowed Zhongshi to absorb enough short orders in the market.

Extended to the January contract, Zhongshi's several accounts hold a total of about 150,000 contracts, including 130,000 crude oil futures contracts, with an average price of $18.50, and other positions are gasoline and heating oil contracts, with a number of about 20,000 hands. (To be continued......)

PS: Thank you very much for your attention and support for this book! In the recent bounty, the book lover was always unable to win the reward because "today's book review reward has been full ten times...... The bounty belongs to the automatic release of the system, the author has ignored a lot in the past, and will pay more attention in the future, and everyone is welcome to come and accept the bounty~