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GasBuddy News Article

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Rogue Trades Blamed for Year-High Oil Spike

Fox News -- PVM Oil Futures, a London-based division of the world’s biggest broker of over-the-counter derivatives, has lost almost $10 million after falling victim to a rogue trader.

The unauthorized trades in the early hours of Tuesday morning are reported to have been brokered by Steve Perkins, a senior, long-standing trader in futures on the Brent oil contract
The rogue trades are widely believed to have caused global crude oil prices to spike to their highest level in more than eight months — a leap that traders and analysts had struggled to explain.

Oil breached $73 a barrel during Asian trade on Tuesday, up by more than $1.50 a barrel in under half an hour at around 2 a.m.

More than 16 million barrels of Brent crude oil traded in just over half an hour, according to Reuters exchange..


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Submitted Jul 03, 2009 By: baddog58
Category: Daily News Article Discussions > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: Rogue Trades Blamed for Year-High Oil Spike Post a Reply Back to Topics
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All-Star Author Jacksonville

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Message Posted: Jul 3, 2009 10:10:15 PM

looks like Fox News let the cat out of the bag. i am sure ABC, NBC, CNN probably new about it but kept it quiet as they usually do on items of this nature. just a little greed on the brokers part as they only have to put down 8% to cover the purchase.
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Champion Author Wisconsin

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Message Posted: Jul 3, 2009 10:10:13 PM

Speculators, hang em all
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Champion Author Cincinnati

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Message Posted: Jul 3, 2009 10:06:21 PM

Let him rot next to Madoff.
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Champion Author Grand Rapids

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Message Posted: Jul 3, 2009 9:59:07 PM

Is anybody really surprised about greedy speculators? The only thing that surprises me is that somebody is actually publishing it.
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Champion Author Atlanta

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Message Posted: Jul 3, 2009 9:54:29 PM

Ha, ha, ha!!!
It's about time speculator(s) took the fall instead of us, the consumer. Perhaps if more high risk cases become more common, speculators might reconsider artificially inflating and controlling the cost of crude oil.
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Champion Author St. Louis

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Message Posted: Jul 3, 2009 9:51:51 PM

BIG OIL + CRONIES = GREED
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Champion Author Baton Rouge

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Message Posted: Jul 3, 2009 9:38:05 PM

specu-traitors hard at work .... they need to be drawn and quartered ....
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Champion Author Victoria

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Message Posted: Jul 3, 2009 9:29:43 PM

Surprising that nothing is in place to prevent this. They obviously handle alot of trades to be able to let this go unnoticed until it was done.
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Champion Author Columbia

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Message Posted: Jul 3, 2009 9:27:57 PM

too bad they didn't lose more, might have led to some changes.
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Champion Author Maine

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Message Posted: Jul 3, 2009 9:24:50 PM

Always knew it was rigged.
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Champion Author Arizona

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Message Posted: Jul 3, 2009 9:24:45 PM

And we suppose to shed tears for them, not on my life!
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Rookie Author Georgia

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Message Posted: Jul 3, 2009 9:18:19 PM

This does look deliberate there is just no way that it was a simple mistake. It had to be more people behind this.
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Sophomore Author Columbus

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Message Posted: Jul 3, 2009 9:13:23 PM

Doesn't surprise me.
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Champion Author Houston

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Message Posted: Jul 3, 2009 9:11:08 PM

That's news that is pretty obvious - if it wasn't this company it would be another one... there's never a price to pay for cheating in this industry, therefore things will never change.
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Champion Author Boston

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Message Posted: Jul 3, 2009 9:04:55 PM

Sound like someone is making big bucks
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Champion Author Illinois

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Message Posted: Jul 3, 2009 9:04:39 PM

Gee, lets collect the details ... pig-oil and pig friends making uncommonly high $$$
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Sophomore Author Winnipeg

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Message Posted: Jul 3, 2009 9:02:08 PM

And this comes as a surprise. Investors have been screwing around with prices for ages.
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Champion Author Los Angeles

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Message Posted: Jul 3, 2009 8:51:23 PM

There barely finding this out.
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Champion Author Mississippi

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Message Posted: Jul 3, 2009 8:49:09 PM

How they lost their bank...
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Champion Author Toronto

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Message Posted: Jul 3, 2009 8:46:55 PM

Too bad, so sad.
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Champion Author Phoenix

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Message Posted: Jul 3, 2009 8:44:01 PM

When a broker get's burned by a specualtor's irrational action, it's a big deal. But when the consumer get's burned by speculator's actions, it is "supply and demand". I get it now...
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Champion Author Minnesota

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Message Posted: Jul 3, 2009 8:43:57 PM

Speculating should be prohibited
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Champion Author Columbus

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Message Posted: Jul 3, 2009 8:42:42 PM

There is always a reason/excuse. Now, ask me how much I care.
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Sophomore Author Spokane

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Message Posted: Jul 3, 2009 8:23:55 PM


Speculating should be outlawed in all markets all over the world.

If they want to speculate Las Vegas is always opened.
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Champion Author Honolulu

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Message Posted: Jul 3, 2009 8:12:51 PM

didn't last for long
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Champion Author Virginia Beach

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Message Posted: Jul 3, 2009 8:10:53 PM

Traders do not see a drop of crude oil, never work on oil rig, refinery or oil tankers and they predict oil prices seating on computer.
Reality will kill them in trading when prices drop and reverse in other direction.
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Champion Author Texas

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Message Posted: Jul 3, 2009 8:06:36 PM

Make the rogue trader pay back the money that his company lost, fire him, then remove the companies license to trade as a penalty for not having better internal controls. As long as there is no penalty, this kind of thing will continue to happen.
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Champion Author Greensboro

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Message Posted: Jul 3, 2009 8:04:26 PM

In other words ... "Taipan" comes to mind.
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All-Star Author Tampa

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Message Posted: Jul 3, 2009 8:02:15 PM

A rogue trader? Wbhat are they going to do about it? Absolutely nothing becasue they all made some quick cash before thr markets fell back down/
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Rookie Author Missouri

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Message Posted: Jul 3, 2009 7:58:54 PM

WE all need to use less gas
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All-Star Author London

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Message Posted: Jul 3, 2009 7:56:30 PM

Its all about "GREED".... When will this ever stop...
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Veteran Author Georgia

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Message Posted: Jul 3, 2009 7:54:15 PM

I'm all for old-fashioned medeival punishment for rogue commodities traders who cause such market disruptions and take money from all our pockets. Some sort of harsh penalty is in order...if only to discourage such behavior. Just my thoughts on the matter...
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Champion Author Syracuse

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Message Posted: Jul 3, 2009 7:53:53 PM

Every "expert" has a different opinion on who or what is causing the oil spikes from the speculators to OPEC itself. I think it's simply a combination of all of them.
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Champion Author Ohio

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Message Posted: Jul 3, 2009 7:51:12 PM

I say ban speculators cause look at the problems they caused the world last year and good that they lost millions on this little farce.
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Champion Author Austin

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Message Posted: Jul 3, 2009 7:47:34 PM

Needs to come back down.
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Champion Author Atlanta

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Message Posted: Jul 3, 2009 7:46:43 PM



Sound like someone is making big bucks -- not me.

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Champion Author Fort Worth

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Message Posted: Jul 3, 2009 7:42:43 PM

they work hard to control the prices to their advantage
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Champion Author Wisconsin

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Message Posted: Jul 3, 2009 7:36:21 PM

Speculators are the scam of the crude oil business.
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Champion Author Austin

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Message Posted: Jul 3, 2009 7:31:00 PM

This story was posted once today.

For all of you who want to end speculation, read the article.

These trades took place in the United Kingdom, on the London exchange.
Obama is only president of the US, not the world.
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Champion Author New Hampshire

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Message Posted: Jul 3, 2009 7:24:54 PM

In the tourist & resort mtn towns of northern NH gas prices are slowly dropping the 4th of July w/e to reg $2.57-$2.63 and diesel $2.52-2.59. Not too bad at all!
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Champion Author Las Vegas

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Message Posted: Jul 3, 2009 7:23:27 PM

Is this the truth or is he a scapegoat?
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Champion Author Detroit

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Message Posted: Jul 3, 2009 7:21:53 PM

OUTLAW SPECULATORS NOW!!!!!!
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Champion Author Portland

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Message Posted: Jul 3, 2009 7:20:47 PM

...don't forget to spay or neuter your local rogue trader [speculator] population...
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Champion Author Pennsylvania

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Message Posted: Jul 3, 2009 7:07:03 PM

Speculators again.
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Sophomore Author Spokane

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Message Posted: Jul 3, 2009 6:58:13 PM


Rogue = Speculators

and why is it so hard to cut them off?
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Champion Author Toronto

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Message Posted: Jul 3, 2009 6:58:10 PM

Let us punish the traders, their supervisors, their managers, and their vice presidents for making the trades, not checking what their traders are doing, not verifying that supervision is effective and even taking place, and not evaluating the performance of managers that should be ensuring rogue trades are not being made.

Punish em all.

Bernie needs company.
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Champion Author Nashville

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Message Posted: Jul 3, 2009 6:57:51 PM

Oil may be higher, but pump prices are sinking. Counterintuitive before a holiday-weekend.
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