<Traders said the broker implicated had allegedly accounted for at least half of the unusual activity, with the rest the result of others chasing the rally.>
<David Hufton, has been an outspoken critic of speculators in the oil market, calling some of the exchanges “electronic oil casinos”. In 2006, he said that “if futures exchanges did not exist, oil prices would be a lot lower”.>
<A former Morgan Stanley trader who hid from his bosses a potential $10m loss on trades that were made under the influence of alcohol after a long lunch has been handed a two-year ban by London regulators.
David Redmond, a trader in the commodities team at Morgan Stanley, returned from a three-and-a-half hour lunch in February 2008 and put on a series of trades in the oil futures market that left the bank at risk of a $10m loss. He then concealed this position through further deals with a colleague’s accounts.
Mr Redmond, now 28, was well-regarded in his team and was thought to have a promising future.>
And it is these rogue traders and drunk 28 year olds who are setting the price of oil? They are the free market?
Maybe it's time we really think about just blowing up the whole futures market. They may be more trouble than they are worth.
Agree.....$34.89 in the next couple of days. Absolutely nothing good being said about the price of a barrel of oil and the dollar is way over tapped out. The MM's are trying to artifically raise the price slowly today with all the little people getting in thinking they are at PBR's low. Oil will touch $60.00 a barrel this week?