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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:2,486 Points:632,865 Joined:Feb 2007	Message Posted: Jul 4, 2009 7:38:47 PM Ignore Blue48 Report Abuse YEAH WHATEVER!!
bigreddwg Champion Author Tampa Posts:4,372 Points:899,585 Joined:Nov 2005	Message Posted: Jul 4, 2009 4:01:49 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:7,484 Points:1,197,585 Joined:Feb 2007	Message Posted: Jul 4, 2009 1:09:54 AM 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:3,688 Points:965,070 Joined:Mar 2005	Message Posted: Jul 4, 2009 12:48:30 AM Ignore TBONE3 Report Abuse One Rogue?? Baloney, all traders are Rogues and Scam Artists. HAPPY FOURTH OF JULY AMERICA!
playtimeCLE Champion Author Cleveland Posts:3,009 Points:556,215 Joined:Nov 2008	Message Posted: Jul 4, 2009 12:28:04 AM Ignore playtimeCLE Report Abuse Just one more sorry excuse for ridiculous prices.
DEG Champion Author Las Vegas Posts:12,634 Points:2,509,575 Joined:Jul 2003	Message Posted: Jul 4, 2009 12:24:30 AM 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:5,707 Points:1,310,000 Joined:Apr 2006	Message Posted: Jul 4, 2009 12:22:07 AM Ignore jay4 Report Abuse s a speculator stated last ye Congressional testimony, speculation is 68% of gas pump price.
WIPACKERFAN Champion Author Chicago Posts:3,753 Points:840,435 Joined:Aug 2005	Message Posted: Jul 4, 2009 12:17:25 AM Ignore WIPACKERFAN Report Abuse CobraLeader, I fully agree with you. There should be criminal charges too!
OKRifle Champion Author Oklahoma City Posts:4,674 Points:810,445 Joined:Oct 2007	Message Posted: Jul 4, 2009 12:16:52 AM Ignore OKRifle Report Abuse ramboTX has a plan! Firing squads will suffice in the meantime!
mreMN Veteran Author Twin Cities Posts:394 Points:169,950 Joined:Oct 2008	Message Posted: Jul 4, 2009 12:16:30 AM Ignore mreMN Report Abuse They'll blame anyone or find some excuse to raise oil prices.
Toppers Champion Author Atlanta Posts:3,927 Points:1,462,965 Joined:Mar 2005	Message Posted: Jul 4, 2009 12:13:34 AM Ignore Toppers Report Abuse I'm guessin' they'll be just a tad regulated going forward...
humblepie Champion Author Toledo Posts:7,740 Points:1,356,465 Joined:Mar 2006	Message Posted: Jul 4, 2009 12:13:27 AM Ignore humblepie Report Abuse london market not new york
philthethrill Champion Author Hamilton Posts:3,023 Points:603,140 Joined:Nov 2008	Message Posted: Jul 4, 2009 12:12:37 AM Ignore philthethrill Report Abuse now who saw this coming ?
ramboTX Champion Author Dallas Posts:4,096 Points:797,865 Joined:Aug 2007	Message Posted: Jul 4, 2009 12:12:30 AM Ignore ramboTX Report Abuse Rogue traders should be sentenced to work at Wal-Mart for 20 years each.
CobraLeader Champion Author New Jersey Posts:234,972 Points:1,096,100 Joined:Apr 2007	Message Posted: Jul 4, 2009 12:10:31 AM 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 4, 2009 12:08:17 AM 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 4, 2009 12:06:46 AM Ignore korklenut Report Abuse If they lose money its a "rogue" trader. I hope they lost their ___.
FastAndy Champion Author Indianapolis Posts:4,203 Points:1,079,710 Joined:Jun 2007	Message Posted: Jul 3, 2009 11:59:57 PM Ignore FastAndy Report Abuse They make money and it costs us more money.
nedthenanite Champion Author Mississippi Posts:3,848 Points:743,735 Joined:May 2008	Message Posted: Jul 3, 2009 11:57:54 PM Ignore nedthenanite Report Abuse Again, like the BP article, it wouldn't surprise me in the least if this were true.
Wizrd03 Champion Author Illinois Posts:3,028 Points:622,905 Joined:Oct 2008	Message Posted: Jul 3, 2009 11:49:08 PM Ignore Wizrd03 Report Abuse Please can we have a firing squad for this one?
Jarod13 Champion Author Virginia Posts:2,741 Points:606,095 Joined:Oct 2008	Message Posted: Jul 3, 2009 11:49:06 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 11:46:48 PM Ignore CUBBUC Report Abuse If convicted, another one to Waterboard......unless Madoff SCAMS him in Prison......
kingpin6 Champion Author Arkansas Posts:1,490 Points:699,300 Joined:Jul 2007	Message Posted: Jul 3, 2009 11:39:05 PM Ignore kingpin6 Report Abuse No, say it ain't so. Somebody manipulating the futures market??
Ken2OD Champion Author Grand Rapids Posts:3,897 Points:959,910 Joined:Dec 2005	Message Posted: Jul 3, 2009 11:37:17 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 Veteran Author Tampa Posts:435 Points:636,185 Joined:Apr 2004	Message Posted: Jul 3, 2009 11:37:11 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:3,782 Points:630,035 Joined:Jun 2008	Message Posted: Jul 3, 2009 11:34:00 PM Ignore NHLiveFree Report Abuse Oh those nasty rogue traders! Of course this is never pre-determined manipulation.
rjoeh Champion Author Michigan Posts:3,681 Points:1,560,560 Joined:Jun 2004	Message Posted: Jul 3, 2009 11:32:41 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:4,102 Points:988,780 Joined:Jun 2004	Message Posted: Jul 3, 2009 11:30:24 PM Ignore mplato Report Abuse another money hungry speculator
Romey08 Champion Author Virginia Posts:1,744 Points:532,495 Joined:Apr 2008	Message Posted: Jul 3, 2009 11:30:10 PM Ignore Romey08 Report Abuse When prices drop traders lose
realtorick Champion Author Indiana Posts:5,912 Points:528,885 Joined:May 2008	Message Posted: Jul 3, 2009 11:30:08 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 11:17:38 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 11:16:06 PM Ignore redcurls1 Report Abuse It's always been the fault of the traders in my opinion.
BrucePen Champion Author Ontario Posts:2,603 Points:557,170 Joined:Sep 2008	Message Posted: Jul 3, 2009 11:14:52 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:8,169 Points:1,426,075 Joined:Aug 2005	Message Posted: Jul 3, 2009 11:12:21 PM Ignore demondude Report Abuse heads should roll over this
hibsaw Champion Author Mississippi Posts:2,925 Points:679,425 Joined:Feb 2008	Message Posted: Jul 3, 2009 11:10:23 PM Ignore hibsaw Report Abuse There is lots of hanky panky going on.
remay Champion Author Houston Posts:2,037 Points:1,117,340 Joined:May 2006	Message Posted: Jul 3, 2009 11:09:24 PM Ignore remay Report Abuse So what will happen to Mr Perkins?
mike911 Champion Author Detroit Posts:3,729 Points:1,175,540 Joined:Jan 2007	Message Posted: Jul 3, 2009 11:09:12 PM Ignore mike911 Report Abuse Speculators at work!
JohnJ55 Champion Author Dayton Posts:1,822 Points:923,595 Joined:Jul 2007	Message Posted: Jul 3, 2009 11:09:04 PM Ignore JohnJ55 Report Abuse speculators are dangerous
hybridaholic Champion Author Wisconsin Posts:3,148 Points:555,010 Joined:Dec 2008	Message Posted: Jul 3, 2009 10:58:25 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:2,423 Points:1,188,530 Joined:Jul 2006	Message Posted: Jul 3, 2009 10:53:45 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:3,240 Points:694,995 Joined:Jul 2008	Message Posted: Jul 3, 2009 10:44:32 PM Ignore roadrunnerMO Report Abuse Nothing new I suppose. Drove up gasoline prices for awhile.
lightbulbman2008 Champion Author Worcester Posts:41,312 Points:614,710 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:40:31 PM Ignore lightbulbman2008 Report Abuse it doesnt look all that good!!!!
TopGunn Champion Author Baltimore Posts:4,049 Points:1,602,110 Joined:Aug 2004	Message Posted: Jul 3, 2009 10:35:49 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 10:33:02 PM Ignore JayMac08 Report Abuse Hooserdaddyno1....I agree with you on that.
Lou08 All-Star Author California Posts:553 Points:128,410 Joined:Feb 2008	Message Posted: Jul 3, 2009 10:21:16 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:3,470 Points:1,091,790 Joined:Sep 2005	Message Posted: Jul 3, 2009 10:16:48 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 All-Star Author Indiana Posts:937 Points:442,465 Joined:Oct 2008	Message Posted: Jul 3, 2009 10:16:26 PM Ignore hoosierdaddyno1 Report Abuse Madoff style B.S. in the oil industry too.
buggydeb Champion Author Florida Posts:3,665 Points:688,440 Joined:Jun 2008	Message Posted: Jul 3, 2009 10:12:28 PM Ignore buggydeb Report Abuse It's all about GREED ($$$)!
TBRR Champion Author Jacksonville Posts:1,267 Points:225,525 Joined:Dec 2007	Message Posted: Jul 3, 2009 10:10:15 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 Wisconsin Posts:3,282 Points:608,960 Joined:Apr 2005	Message Posted: Jul 3, 2009 10:10:13 PM Ignore DrivingFool2 Report Abuse Speculators, hang em all