A trader at anoil brokerage firm, PVM, apparently drove up oil prices across the planet single handed by "buying" 9 million barrels.
PVM was forced to unwind the series of unauthorised trades -- a move that in turn contributed to a sharp drop in prices, analysts said."The rogue oil trade on Tuesday just goes to show how easy it is to squeeze the market under thin trading conditions," said ETX Capital analyst Manoj Ladwa. "Brent crude spiked above 73($73.50) dollars per barrel as a trader purchased the equivalent to 9.0 million barrels. The subsequent fall in price was due to PVM Oil Associates unwinding the position."
PVM was forced to unwind the series of unauthorised trades -- a move that in turn contributed to a sharp drop in prices, analysts said."The rogue oil trade on Tuesday just goes to show how easy it is to squeeze the market under thin trading conditions," said ETX Capital analyst Manoj Ladwa.
"Brent crude spiked above 73($73.50) dollars per barrel as a trader purchased the equivalent to 9.0 million barrels. The subsequent fall in price was due to PVM Oil Associates unwinding the position."
What kind of horse-apples is this?
9 million barrels from some mentally drunk and deluded "Bob" at PVM. This is the system we rely on? Where someMilton Waddams, (the guy from Office Space who constantly mumbles to himself and is obsessed with his red Swingline stapler)
Is this an X-box game to somebody? Some kind of role playing game? Put him in with Madoff.
This one's for the market trashing banksters -