If interested in what happened and why and what to look for going forward this is an excellent listen:
Motley Fool: Industry Focus Podcast: Energy: Oil Goes Negative For The First Time Ever
On Monday, West Texas Intermediate crude oil prices for May delivery fell from almost $18 a barrel to NEGATIVE $37. What caused it and what does it mean for the oil market? Motley Fool Contributor Jason Hall joins the show to break it all down.
https://www.fool.com/podcasts/industry- ... ve-for-the
Oil - WTI / Brent Crude
- ShaunWhite
- Posts: 9731
- Joined: Sat Sep 03, 2016 3:42 am
"At midnight, Shah got the devastating news: he owed Interactive Brokers $9 million. He’d started the day with $77,000 in his account....."
https://www.bloomberg.com/news/articles ... uge-losses
https://www.bloomberg.com/news/articles ... uge-losses
Same story for people who can't get past Bloomberg's paywall: -
https://www.thenational.ae/business/how ... -1.1017416
https://www.thenational.ae/business/how ... -1.1017416
Thanks for posting up that story. I was waiting for a few stories like that!ShaunWhite wrote: ↑Thu May 21, 2020 5:28 am"At midnight, Shah got the devastating news: he owed Interactive Brokers $9 million. He’d started the day with $77,000 in his account....."
https://www.bloomberg.com/news/articles ... uge-losses
- superfrank
- Posts: 2762
- Joined: Fri Aug 14, 2009 8:28 pm
Nine Essex oil traders made $660m when prices plunged into the red
https://www.telegraph.co.uk/business/20 ... unged-red/
https://www.telegraph.co.uk/business/20 ... unged-red/
Nine independent traders operating from their homes in Essex made $660m (£500m) in a single day of trading oil futures when prices briefly went negative earlier this year.
The traders, all affiliated with the small trading firm Vega Capital London, hit the jackpot by capitalising on complex oil market mechanisms to sell oil contracts on falling prices and buy with prices as low as minus $37.
Aristos "Ari" Demetriou, 31; Elliot Pickering, 25, and Connor Younger, 22, pocketed more than $100m each, according to reports, even as other investors lost millions as prices fell.
Their success has caught the eye of regulators at the Commodity Futures Trading Commission in Washington DC who are examining Vega Capital according to Bloomberg, which first reported their profits.
A lawyer for several of the traders told Bloomberg they vehemently deny any wrongdoing and traded based on "blaring" market signals.
...
News of their trades was spread through online chatrooms. They were in stark contrast to giants including the Bank of China, which reportedly lost about $1bn from the collapse in oil prices, triggering anger among those who had invested into its Crude Oil Treasure investment fund.
That's some real slick trading..superfrank wrote: ↑Fri Dec 11, 2020 8:44 pmNine Essex oil traders made $660m when prices plunged into the red
- wearthefoxhat
- Posts: 3221
- Joined: Sun Feb 18, 2018 9:55 am
Tend to notice that the successful ones "working from home" get investigated.PeterLe wrote: ↑Fri Dec 11, 2020 8:48 pmThat's some real slick trading..superfrank wrote: ↑Fri Dec 11, 2020 8:44 pmNine Essex oil traders made $660m when prices plunged into the red
Could it be the "investigators" want to examine their winning strategy and add it to their own portfolio...or maybe I'm being paranoid...