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Manipulating the oil markets

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Manipulating the oil markets

Postby Charles » Wed May 25, 2011 12:31 pm

We know it's done, now we can get a look at how it's done...

.............


US sues big oil traders for 2008 manipulation

Regulators allege traders made $50 million by squeezing markets in 2008

By Joshua Schneyer and Timothy Gardner
5/25/2011

NEW YORK/WASHINGTON — Regulators launched one of the biggest ever crackdowns on oil price manipulation on Tuesday, suing two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50 million by squeezing markets in 2008.

The Commodity Futures Trading Commission (CFTC) said traders James Dyer of Oklahoma's Parnon Energy, and Nick Wildgoose of Europe-based Arcadia Energy, amassed large physical positions at a key U.S. trading hub to create the impression of tight supplies that would boost oil prices.

Later they dumped those barrels back onto the market, causing prices to crash and racking up profits from short positions they had accrued in futures markets, the suit said.

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Charles
 
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Re: Manipulating the oil markets

Postby skynet » Fri May 27, 2011 9:19 am

More money... gotta have it, more more more... need more money, want all the money... give me your money. I need it, you don't need it. money money money money....

How much money does a person need to be comfortable in this world? Or maybe I should ask, what makes a person comfortable?
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