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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

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Blue48 Champion Author Illinois Posts:4,980 Points:1,176,120 Joined:Feb 2007	Message Posted: Jul 4, 2009 4:38:47 PM Ignore Blue48 Report Abuse YEAH WHATEVER!!
bigreddwg Champion Author Tampa Posts:4,967 Points:1,042,630 Joined:Nov 2005	Message Posted: Jul 4, 2009 1:01:49 AM Ignore bigreddwg Report Abuse JUST AS I HAVE BEEN ALWAYS SAYING, INSIDE TRADING BY A(1 OR MORE) FUTURES BROKER(S) CAUSED THIS UNEXPLAINABLE AND VILE RAPID RISE IN OIL AND GAS PRICES - SHAME ON HIM OR THEM WHO DO THIS!!! WE NEED NEW LAWS TO PROTECT AMERICA FROM THIS MONSTROUS EVIL AND IT NEEDS TO STOP TODAY AND NOT SOME LAME DISTANT DATE IN THE FUTURE AS THEY (TRADERS) WOULD LIKE!!! KEEP CONSERVING EVERYBODY!!!
250FORD Champion Author Minnesota Posts:8,266 Points:1,303,355 Joined:Feb 2007	Message Posted: Jul 3, 2009 10:09:54 PM Ignore 250FORD Report Abuse This is just one in a long line of BS reasons oil is way too high.
TBONE3 Champion Author Pennsylvania Posts:6,408 Points:1,514,645 Joined:Mar 2005	Message Posted: Jul 3, 2009 9:48:30 PM Ignore TBONE3 Report Abuse One Rogue?? Baloney, all traders are Rogues and Scam Artists. HAPPY FOURTH OF JULY AMERICA!
playtimeCLE Champion Author Cleveland Posts:5,926 Points:1,095,400 Joined:Nov 2008	Message Posted: Jul 3, 2009 9:28:04 PM Ignore playtimeCLE Report Abuse Just one more sorry excuse for ridiculous prices.
DEG Champion Author Las Vegas Posts:15,417 Points:3,058,380 Joined:Jul 2003	Message Posted: Jul 3, 2009 9:24:30 PM Ignore DEG Report Abuse I am not so sure that this is a rogue trader; speculation seems to be more rampant than just a single rogue trader.
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Jul 3, 2009 9:22:07 PM Ignore jay4 Report Abuse s a speculator stated last ye Congressional testimony, speculation is 68% of gas pump price.
WIPACKERFAN Champion Author Chicago Posts:6,500 Points:1,387,735 Joined:Aug 2005	Message Posted: Jul 3, 2009 9:17:25 PM Ignore WIPACKERFAN Report Abuse CobraLeader, I fully agree with you. There should be criminal charges too!
OKRifle Champion Author Oklahoma City Posts:7,617 Points:1,355,855 Joined:Oct 2007	Message Posted: Jul 3, 2009 9:16:52 PM Ignore OKRifle Report Abuse ramboTX has a plan! Firing squads will suffice in the meantime!
mreMN Veteran Author Twin Cities Posts:430 Points:190,195 Joined:Oct 2008	Message Posted: Jul 3, 2009 9:16:30 PM Ignore mreMN Report Abuse They'll blame anyone or find some excuse to raise oil prices.
Toppers Champion Author Atlanta Posts:6,678 Points:2,009,700 Joined:Mar 2005	Message Posted: Jul 3, 2009 9:13:34 PM Ignore Toppers Report Abuse I'm guessin' they'll be just a tad regulated going forward...
humblepie Champion Author Toledo Posts:13,768 Points:1,908,220 Joined:Mar 2006	Message Posted: Jul 3, 2009 9:13:27 PM Ignore humblepie Report Abuse london market not new york
philthethrill Champion Author Hamilton Posts:6,154 Points:1,142,360 Joined:Nov 2008	Message Posted: Jul 3, 2009 9:12:37 PM Ignore philthethrill Report Abuse now who saw this coming ?
ramboTX Champion Author Dallas Posts:7,554 Points:1,343,760 Joined:Aug 2007	Message Posted: Jul 3, 2009 9:12:30 PM Ignore ramboTX Report Abuse Rogue traders should be sentenced to work at Wal-Mart for 20 years each.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Jul 3, 2009 9:10:31 PM Ignore CobraLeader Report Abuse Not only should the Rogue traders be banned, but they should be boiled in their own oil!
PioneerUrban Champion Author West Virginia Posts:2,698 Points:532,505 Joined:Jun 2008	Message Posted: Jul 3, 2009 9:08:17 PM Ignore PioneerUrban Report Abuse Then the Rouge traders ought to be banned.
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 3, 2009 9:06:46 PM Ignore korklenut Report Abuse If they lose money its a "rogue" trader. I hope they lost their ___.
FastAndy Champion Author Indianapolis Posts:4,415 Points:1,580,380 Joined:Jun 2007	Message Posted: Jul 3, 2009 8:59:57 PM Ignore FastAndy Report Abuse They make money and it costs us more money.
CrackedLCD Champion Author Alabama Posts:6,689 Points:1,296,325 Joined:May 2008	Message Posted: Jul 3, 2009 8:57:54 PM Ignore CrackedLCD Report Abuse Again, like the BP article, it wouldn't surprise me in the least if this were true.
Wizrd03 Champion Author Illinois Posts:5,791 Points:1,169,110 Joined:Oct 2008	Message Posted: Jul 3, 2009 8:49:08 PM Ignore Wizrd03 Report Abuse Please can we have a firing squad for this one?
Jarod13 Champion Author Virginia Posts:3,470 Points:1,052,055 Joined:Oct 2008	Message Posted: Jul 3, 2009 8:49:06 PM Ignore Jarod13 Report Abuse kingpin6 -- they keep telling us that there's nobody manipulating the futures market, but that's the way it's always been. The price of oil is not based on the amount of demand for it, as it should be. It's based on the price that speculators, big oil and OPEC dictate it should be!
CUBBUC Champion Author Florida Posts:3,123 Points:425,040 Joined:May 2008	Message Posted: Jul 3, 2009 8:46:48 PM Ignore CUBBUC Report Abuse If convicted, another one to Waterboard......unless Madoff SCAMS him in Prison......
kingpin6 Champion Author Arkansas Posts:2,570 Points:1,192,050 Joined:Jul 2007	Message Posted: Jul 3, 2009 8:39:05 PM Ignore kingpin6 Report Abuse No, say it ain't so. Somebody manipulating the futures market??
Ken2OD Champion Author Grand Rapids Posts:6,694 Points:1,510,000 Joined:Dec 2005	Message Posted: Jul 3, 2009 8:37:17 PM Ignore Ken2OD Report Abuse Where were the automatic computer codes that are designed to stop this kind trading. The NYSE would have caught this type of scam very quickly. I'll bet the Internet Police are checking the IP of this alledged FELON this very instant. Whoever did this should be elligible for the same 150 year sentence that Madoff got.
chuck sr All-Star Author Tampa Posts:587 Points:780,525 Joined:Apr 2004	Message Posted: Jul 3, 2009 8:37:11 PM Ignore chuck sr Report Abuse A few more $10 million losses like this and you will find these traders murdered in back alleys, or turned over to the foreign courts in countries where they will cut off their hands as punishment! God help us!
NHLiveFree Champion Author New Hampshire Posts:7,250 Points:1,174,285 Joined:Jun 2008	Message Posted: Jul 3, 2009 8:34:00 PM Ignore NHLiveFree Report Abuse Oh those nasty rogue traders! Of course this is never pre-determined manipulation.
rjoeh Champion Author Michigan Posts:5,755 Points:2,060,640 Joined:Jun 2004	Message Posted: Jul 3, 2009 8:32:41 PM Ignore rjoeh Report Abuse And there are still questions on whether some of this trading needs to be regulated??? Give the speculators a chance and they will find a profitable loop hole to do what they need to do.
mplato Champion Author Columbia Posts:6,002 Points:1,368,170 Joined:Jun 2004	Message Posted: Jul 3, 2009 8:30:24 PM Ignore mplato Report Abuse another money hungry speculator
Romey08 Champion Author Virginia Posts:4,252 Points:1,028,250 Joined:Apr 2008	Message Posted: Jul 3, 2009 8:30:10 PM Ignore Romey08 Report Abuse When prices drop traders lose
realtorick Champion Author Indiana Posts:11,902 Points:1,051,790 Joined:May 2008	Message Posted: Jul 3, 2009 8:30:08 PM Ignore realtorick Report Abuse If obama is taking over the auto industry, why doesn't look at taking over big oil! Or are they in his pocket too?
phurburger Champion Author Atlanta Posts:2,555 Points:530,670 Joined:Oct 2005	Message Posted: Jul 3, 2009 8:17:38 PM Ignore phurburger Report Abuse Let's draw & quarter this guy.
redcurls1 Champion Author Twin Cities Posts:1,655 Points:1,881,600 Joined:Jan 2003	Message Posted: Jul 3, 2009 8:16:06 PM Ignore redcurls1 Report Abuse It's always been the fault of the traders in my opinion.
BrucePen Champion Author Ontario Posts:4,675 Points:977,530 Joined:Sep 2008	Message Posted: Jul 3, 2009 8:14:52 PM Ignore BrucePen Report Abuse Noe lets pass the laws to eliminate this corruption on all commodities. Or have Big Oil have enough polititions on their payroll to block any changes.
demondude Champion Author Chicago Posts:8,809 Points:1,628,700 Joined:Aug 2005	Message Posted: Jul 3, 2009 8:12:21 PM Ignore demondude Report Abuse heads should roll over this
hibsaw Champion Author Mississippi Posts:5,686 Points:1,217,990 Joined:Feb 2008	Message Posted: Jul 3, 2009 8:10:23 PM Ignore hibsaw Report Abuse There is lots of hanky panky going on.
remay Champion Author Houston Posts:4,716 Points:1,658,720 Joined:May 2006	Message Posted: Jul 3, 2009 8:09:24 PM Ignore remay Report Abuse So what will happen to Mr Perkins?
mike911 Champion Author Detroit Posts:6,324 Points:1,694,055 Joined:Jan 2007	Message Posted: Jul 3, 2009 8:09:12 PM Ignore mike911 Report Abuse Speculators at work!
JohnJ55 Champion Author Dayton Posts:5,271 Points:1,476,725 Joined:Jul 2007	Message Posted: Jul 3, 2009 8:09:04 PM Ignore JohnJ55 Report Abuse speculators are dangerous
hybridaholic Champion Author Appleton Posts:6,006 Points:1,097,440 Joined:Dec 2008	Message Posted: Jul 3, 2009 7:58:25 PM Ignore hybridaholic Report Abuse Seems there are a lot of 'rouge' traders out there, I think they are called SPECULATORS
ThatHunt Champion Author Dallas Posts:4,487 Points:1,630,015 Joined:Jul 2006	Message Posted: Jul 3, 2009 7:53:45 PM Ignore ThatHunt Report Abuse Let's face it, we are all being manipulated and lied to. Media creates a new fear everyday.
roadrunnerMO Champion Author Kansas Posts:6,011 Points:1,237,160 Joined:Jul 2008	Message Posted: Jul 3, 2009 7:44:32 PM Ignore roadrunnerMO Report Abuse Nothing new I suppose. Drove up gasoline prices for awhile.
lightbulbman2008 Champion Author Worcester Posts:189,000 Points:1,123,100 Joined:Oct 2008	Message Posted: Jul 3, 2009 7:40:31 PM Ignore lightbulbman2008 Report Abuse it doesnt look all that good!!!!
TopGunn Champion Author Baltimore Posts:6,836 Points:2,153,280 Joined:Aug 2004	Message Posted: Jul 3, 2009 7:35:49 PM Ignore TopGunn Report Abuse Certainly not new - just exposed for a change.
JayMac08 Champion Author Jackson Posts:3,386 Points:205,430 Joined:Oct 2008	Message Posted: Jul 3, 2009 7:33:02 PM Ignore JayMac08 Report Abuse Hooserdaddyno1....I agree with you on that.
Lou08 All-Star Author California Posts:875 Points:202,805 Joined:Feb 2008	Message Posted: Jul 3, 2009 7:21:16 PM Ignore Lou08 Report Abuse Conserve! They should not be able to bid up the price of further crude oil and know who is bidding!
TomT2Lee Champion Author Cincinnati Posts:3,827 Points:1,171,120 Joined:Sep 2005	Message Posted: Jul 3, 2009 7:16:48 PM Ignore TomT2Lee Report Abuse This is such BS! The Federal Reserve has devalued the dollar like never before. That ALWAYS causes commodity prices to climb. The only thing still keeping oil prices from going orbital is that there is still a large storage of oil. Once that excessive storage is drawn down (current production is 1 million BBD short per day), then the inflationary beast created by the Federal Reserve will be released.
hoosierdaddyno1 Champion Author Indiana Posts:1,262 Points:887,240 Joined:Oct 2008	Message Posted: Jul 3, 2009 7:16:26 PM Ignore hoosierdaddyno1 Report Abuse Madoff style B.S. in the oil industry too.
buggydeb Champion Author Florida Posts:6,285 Points:1,202,060 Joined:Jun 2008	Message Posted: Jul 3, 2009 7:12:28 PM Ignore buggydeb Report Abuse It's all about GREED ($$$)!
TBRR Champion Author Jacksonville Posts:2,182 Points:366,860 Joined:Dec 2007	Message Posted: Jul 3, 2009 7:10:15 PM Ignore TBRR Report Abuse 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.
DrivingFool2 Champion Author Appleton Posts:6,197 Points:1,148,340 Joined:Apr 2005	Message Posted: Jul 3, 2009 7:10:13 PM Ignore DrivingFool2 Report Abuse Speculators, hang em all