What happens if I hold a crude oil futures contract past expiration?

Question

Let's say I am trading crude oil futures, and I accidentally held a contract past expiration. What would happen? I can't actually take delivery of 1,000 barrels of oil!

Conversely, what would happen if I held a sort contract passed expiration? I don't have 1,000 barrels of oil to deliver!

Would these situation be settled in cash? What exactly would happen?

Thanks!

Answer 1

Oil is on its way out.. better dump it while you can

Answer 2

http://www.oilpriceupdates.com/ is a good start if you want oil info and news.

Answer 3

You better call your broker LIKE YESTERDAY.

If you were short you were settled in cash, if you were long you went past First Notice Day.

Get a new broker. They should have called you and alerted you to this problem BEFORE First Notice Day.