Donate Bitcoin

Donate Paypal


PeakOil is You

PeakOil is You

Drunken oil trading

Discussions about the economic and financial ramifications of PEAK OIL

Drunken oil trading

Unread postby copious.abundance » Sat 04 Jul 2009, 21:00:49

Don't know if anyone's been following the story of the rogue oil trader in London who last week caused in inexplicable spike in overnight trading (story has been big news in the Financial Times), but they're now investigating whether or not the guy might have been drunk or on drugs.

:lol:

>>> LINK <<
The Financial Services Authority is to examine whether Steve Perkins, the rogue oil broker who caused a worldwide spike in Brent crude oil prices last week, was under the influence of drugs or alcohol when he embarked on his dealing spree.

Perkins, a senior broker at PVM Oil, bought crude futures equal to about 9m barrels from his home in the early hours of Tuesday morning. He used a home computer with remote access to the oil futures trading exchange, for a spree that started at about 2am and lasted for eight hours. By the time he was finished, the price of Brent crude had shot up by more than $1.50 a barrel to $73.5, the highest level so far this year.

[...]

So the next time you see the price of oil rise for no apparent reason, just remember: There could be a drunken or wasted trader at work here.

:lol:
Stuff for doomers to contemplate:
http://peakoil.com/forums/post1190117.html#p1190117
http://peakoil.com/forums/post1193930.html#p1193930
http://peakoil.com/forums/post1206767.html#p1206767
User avatar
copious.abundance
Fission
Fission
 
Posts: 9589
Joined: Wed 26 Mar 2008, 03:00:00
Location: Cornucopia

Re: Drunken oil trading

Unread postby copious.abundance » Sat 04 Jul 2009, 21:56:13

Here's the story:

>>> FT <<<
Oil price rallied after 2am activity
By Javier Blas and Miles Johnson in London
Published: July 4 2009 03:00 | Last updated: July 4 2009 03:00

The story of the events which triggered almost $10m (£6m) of losses on the Brent oil market on Tuesday is still being pieced together, but one thing is clear: Steven Noel Perkins, the broker accused by bosses at PVM Oil Associates of "unauthorised trading", made his trade at a very unusual time.

Trading from his UK home at about 2am on Tuesday, it was the most illiquid time of day in the Brent futures market - a gap left between New York and Singapore hours, in which only a handful of Tokyo-based traders are active.

Traders say that at that time liquidity is nil and much of the volume is automatically generated by computers, following prefixed trading orders. One trader said that Mr Perkins was, in effect, trading against the machines.

With a few keystrokes, using a home computer equipped with remote access to the InterContinental Exchange Europe, the marketplace for Brent oil, he bought oil futures equal to about 9m barrels, propelling prices to $73.50 a barrel, the highest of the year. With computer trading chasing the rally, contracts for more than 16m barrels changed hands in one hour, far more than the traditional 0.5m for that time of the day.

PVM's office in Singapore did not notice the irregular activity, according to people familiar with the investigation, as it focuses on the over-the-counter Dubai market, the oil benchmark in Asia, rather than the futures market for Brent, the European benchmark.

Workers at PVM's London office in upmarket Jermyn Street looked around nervously as they came into work yesterday morning, some of them clutching newspapers carrying the story on the front page.

"To be honest, nobody seems to know exactly what happened. It was a moment of madness, the guy just went and ordered 9,000 lots [equal to 9m barrels]," one colleague observed outside the office.

"When you have been in the business for more than 10 years, to do something like that is just really shocking," he added.

The employee, who declined to be identified as he was not permitted by bosses to speak to the press, said: "It was the company that closed the position. There is an internal investigation so maybe we will find out then [what happened that night]."

PVM declined to comment on the motivations of the broker and Mr Perkins could not be reached for comment.
Stuff for doomers to contemplate:
http://peakoil.com/forums/post1190117.html#p1190117
http://peakoil.com/forums/post1193930.html#p1193930
http://peakoil.com/forums/post1206767.html#p1206767
User avatar
copious.abundance
Fission
Fission
 
Posts: 9589
Joined: Wed 26 Mar 2008, 03:00:00
Location: Cornucopia

Re: Drunken oil trading

Unread postby hardtootell-2 » Sat 04 Jul 2009, 22:00:12

OilFinder2 wrote:D
So the next time you see the price of oil rise for no apparent reason, just remember: There could be a drunken or wasted trader at work here.

:lol:


Wow! But not surprising. It speaks to the insecurity of energy we all face in the future. It takes only one critical event or persons' actions (RPG into a supertanker) to upset the delicate balance. One of the few situations with energy security (and food security) is to own a farm with a woodlot.
User avatar
hardtootell-2
Coal
Coal
 
Posts: 443
Joined: Sat 23 May 2009, 18:38:02
Location: 12th dimension

Re: Drunken oil trading

Unread postby lowem » Sat 04 Jul 2009, 22:51:28

On the other hand, I'm just wondering who were the folks, drunken or otherwise, who were selling crude oil around $32.40 ?

I've got one word to say to them :

THANKS !!

:lol:
Live quotes - oil/gold/silver
User avatar
lowem
Expert
Expert
 
Posts: 1901
Joined: Mon 19 Jul 2004, 03:00:00
Location: Singapore

Re: Drunken oil trading

Unread postby Micki » Sun 05 Jul 2009, 02:10:05

Not surprising.
The illiquid access market is used almost daily to bring down gold and silver prices.
It is basically a nice way for cashed up players to trigger off stops and set the tone before next market opens.
The big players will now have to start paying more attention to the in-between-exchange-hours markets or exchanges need to extend their hours or we will see more volatility as a result of increasing tape painting and stop triggering.
Micki
 

Re: Drunken oil trading

Unread postby Concerned » Sun 05 Jul 2009, 15:43:38

lowem wrote:On the other hand, I'm just wondering who were the folks, drunken or otherwise, who were selling crude oil around $32.40 ?
I've got one word to say to them : THANKS !! :lol:

If they found this guy. Can't they look up the people shorting airline stocks on a massive scale prior to the 9/11 attacks?
"Once the game is over, the king and the pawn go back in the same box."
-Italian Proverb
User avatar
Concerned
Heavy Crude
Heavy Crude
 
Posts: 1571
Joined: Thu 23 Sep 2004, 03:00:00

Re: Drunken oil trading

Unread postby pablonite » Sun 05 Jul 2009, 15:50:06

Concerned wrote:If they found this guy. Can't they look up the people shorting airline stocks on a massive scale prior to the 9/11 attacks?

They did and if memory serves me correctly it went back to some bigwig at the CIA's offshore trading office and that's when Henry Kissinger himself jumped in took over the investigation.

If you have anymore questions please refer to the official 9/11 ommission report :)
User avatar
pablonite
Tar Sands
Tar Sands
 
Posts: 723
Joined: Sun 28 Sep 2008, 03:00:00

Re: Drunken oil trading

Unread postby Micki » Sun 05 Jul 2009, 20:32:02

pablonite wrote:
Concerned wrote:If they found this guy. Can't they look up the people shorting airline stocks on a massive scale prior to the 9/11 attacks?
They did and if memory serves me correctly it went back to some bigwig at the CIA's offshore trading office and that's when Henry Kissinger himself jumped in took over the investigation. If you have anymore questions please refer to the official 9/11 ommission report :)

Also going from memory, the trades were put in place through Deutche Bank.
If you followed Mike Rupperts seminars etc you would also have seen how shady CIA business often goes via Deutche Bank. Coincidental? Perhaps. Less likely so as they cover up who carried out the trades. That is already evidence of detailed pre-knowledge.
Micki
 

Re: Drunken oil trading

Unread postby Starvid » Mon 06 Jul 2009, 15:02:17

Micki wrote:Also going from memory, the trades were put in place through Deutche Bank.
If you followed Mike Rupperts seminars etc you would also have seen how shady CIA business often goes via Deutche Bank. Coincidental? Perhaps. Less likely so as they cover up who carried out the trades. That is already evidence of detailed pre-knowledge.

So if I short airline stocks today that is evidence I have detailed "pre-knowledge" about the terr attacks which will happen tomorrow? :lol:
Peak oil is not an energy crisis. It is a liquid fuel crisis.
User avatar
Starvid
Intermediate Crude
Intermediate Crude
 
Posts: 3021
Joined: Sun 20 Feb 2005, 04:00:00
Location: Uppsala, Sweden

Re: Drunken oil trading

Unread postby Micki » Mon 06 Jul 2009, 19:48:03

Starvid wrote:So if I short airline stocks today that is evidence I have detailed "pre-knowledge" about the terr attacks which will happen tomorrow? :lol:

That was a silly statement. What took place was that exactly the airlines used in the hijackings were shorted largely just before the atrtacks with an exercise before end of month.

EDITED: whilst doing a bit of search for old info on the put options just before 911 I also came acress this tedbit with an ex-Federal Reserve economist who points out an large increase in M1 just before the attacks and suggest that indicated foreknowledge of the attacks.
Economist William Bergman, who works at the Federal Reserve Bank of Chicago from 1990 to 2004, will later point out: “The August increase alone was the third largest single monthly increase since 1947, trailing only December 1999 (with pre-Y2K concern as well as terrorism threats) and January 1991 (the onset of US military action in Iraq, and an important enforcement month in the BCCI money laundering scandal).… The above-average growth in currency in July and August 2001 totaled over $5 billion.” Bergman will suggest the spike in currency growth might indicate some people possessing foreknowledge of the 9/11 attacks
link

EDITED AGAIN. If you are really interested you should do some searching of your own. Here is however one page that seems to go into the CIA/Deutchebank connections.
FTW - October 9, 2001 – Although uniformly ignored by the mainstream U.S. media, there is abundant and clear evidence that a number of transactions in financial markets indicated specific (criminal) foreknowledge of the September 11 attacks on the World Trade Center and the Pentagon. In the case of at least one of these trades -- which has left a $2.5 million prize unclaimed -- the firm used to place the “put options” on United Airlines stock was, until 1998, managed by the man who is now in the number three Executive Director position at the Central Intelligence Agency.

Until 1997 A.B. “Buzzy” Krongard had been Chairman of the investment bank A.B. Brown. A.B. Brown was acquired by Banker’s Trust in 1997. Krongard then became, as part of the merger, Vice Chairman of Banker’s Trust-AB Brown, one of 20 major U.S. banks named by Senator Carl Levin this year as being connected to money laundering. Krongard’s last position at Banker’s Trust (BT) was to oversee “private client relations.” In this capacity he had direct hands-on relations with some of the wealthiest people in the world in a kind of specialized banking operation that has been identified by the U.S. Senate and other investigators as being closely connected to the laundering of drug money.

Krongard joined the CIA in 1998 as counsel to CIA Director George Tenet. He was promoted to CIA Executive Director by President Bush in March of this year. BT was acquired by Deutsche Bank in 1999. The combined firm is the single largest bank in Europe. And, as we shall see, Deutsche Bank played several key roles in events connected to the September 11 attacks.
http://www.hereinreality.com/insidertrading.html

And as mentioned, Mike Ruppert has brought up Deutchebank at numerous occasions in his seminars (seach emule etc for old copies) not just related to 911 but drugs, money laundering etc. Deutchebank is also believed in investment circles to be the bullion bank (price surpressing cartel member) that had to be bailed out using ECB gold reserves. article
Micki
 

Re: Drunken oil trading

Unread postby Starvid » Mon 06 Jul 2009, 21:52:54

I don't really see any reason to engage with people who believe in something as fundamentally retarded as 9/11 conspiracy, beyond mocking.

Image
Image
Image

:: ::

Image
Image
Image
Image

Another funnu thing is that people who actually believe in that kind of ridiculous nonsense also need to believe that a conversation somewhere along these lines actually happened:

BUSH: So, what's the plan again?

CHENEY: Well, we need to invade Iraq and Afghanistan. So what we've decided to do is crash a whole bunch of remote-controlled planes into Wall Street and the Pentagon, say they're real hijacked commercial planes, and blame it on the towelheads; then we'll just blow up the buildings ourselves to make sure they actually fall down.

RUMSFELD: Right! And we'll make sure that some of the hijackers are agents of Saddam Hussein! That way we'll have no problem getting the public to buy the invasion.

CHENEY: No, Dick, we won't.

RUMSFELD: We won't?

CHENEY: No, that's too obvious. We'll make the hijackers Al Qaeda and then just imply a connection to Iraq.

RUMSFELD: But if we're just making up the whole thing, why not just put Saddam's fingerprints on the attack?

CHENEY: (sighing) It just has to be this way, Dick. Ups the ante, as it were. This way, we're not insulated if things go wrong in Iraq. Gives us incentive to get the invasion right the first time around.

BUSH: I'm a total idiot who can barely read, so I'll buy that. But I've got a question. Why do we need to crash planes into the Towers at all? Since everyone knows terrorists already tried to blow up that building complex from the ground up once, why don't we just blow it up like we plan to anyway, and blame the bombs on the terrorists?

RUMSFELD: Mr. President, you don't understand. It's much better to sneak into the buildings ourselves in the days before the attacks, plant the bombs and then make it look like it was exploding planes that brought the buildings down. That way, we involve more people in the plot, stand a much greater chance of being exposed and needlessly complicate everything!

CHENEY: Of course, just toppling the Twin Towers will never be enough. No one would give us the war mandate we need if we just blow up the Towers. Clearly, we also need to shoot a missile at a small corner of the Pentagon to create a mightily underpublicized additional symbol of international terrorism -- and then, obviously, we need to fake a plane crash in the middle of fucking nowhere in rural Pennsylvania.

RUMSFELD: Yeah, it goes without saying that the level of public outrage will not be sufficient without that crash in the middle of fucking nowhere.

CHENEY: And the Pentagon crash -- we'll have to do it in broad daylight and say it was a plane, even though it'll really be a cruise missile.

BUSH: Wait, why do we have to use a missile?

CHENEY: Because it's much easier to shoot a missile and say it was a plane. It's not easy to steer a real passenger plane into the Pentagon. Planes are hard to come by.

BUSH: But aren't we using two planes for the Twin Towers?

CHENEY: Mr. President, you're missing the point. With the Pentagon, we use a missile, and say it was a plane.

BUSH: Right, but I'm saying, why don't we just use a plane and say it was a plane? We'll be doing that with the Twin Towers, right?

CHENEY: Right, but in this case, we use a missile. (Throws hands up in frustration) Don, can you help me out here?

RUMSFELD: Mr. President, in Washington, we use a missile because it's sneakier that way. Using an actual plane would be too obvious, even though we'll be doing just that in New York.

BUSH: Oh, OK.

RUMSFELD: The other good thing about saying that it was a passenger jet is that that way, we have to invent a few hundred fictional victims and account for a nonexistent missing crew and plane. It's always better when you leave more cover story to invent, more legwork to do and more possible holes to investigate. Doubt, legwork and possible exposure -- you can't pull off any good conspiracy without them.

BUSH: You guys are brilliant! Because if there's one thing about Americans -- they won't let a president go to war without a damn good reason. How could we ever get the media, the corporate world and our military to endorse an invasion of a secular Iraqi state unless we faked an attack against New York at the hands of a bunch of Saudi religious radicals? Why, they'd never buy it. Look at how hard it was to get us into Vietnam, Iraq the last time, Kosovo?

CHENEY: Like pulling teeth!

RUMSFELD: Well, I'm sold on the idea. Let's call the Joint Chiefs, the FAA, the New York and Washington, D.C., fire departments, Rudy Giuliani, all three networks, the families of a thousand fictional airline victims, MI5, the FBI, FEMA, the NYPD, Larry Eagleburger, Osama bin Laden, Noam Chomsky and the fifty thousand other people we'll need to pull this off. There isn't a moment to lose!

BUSH: Don't forget to call all of those Wall Street hotshots who donated $100 million to our last campaign. They'll be thrilled to know that we'll be targeting them for execution as part of our thousand-tentacled modern-day bonehead Reichstag scheme! After all, if we're going to make martyrs -- why not make them out of our campaign paymasters? Shit, didn't the Merrill Lynch guys say they needed a refurbishing in their New York offices?

RUMSFELD: Oh, they'll get a refurbishing, all right. Just in time for the "Big Wedding"!

ALL THREE: (cackling) Mwah-hah-hah!
Peak oil is not an energy crisis. It is a liquid fuel crisis.
User avatar
Starvid
Intermediate Crude
Intermediate Crude
 
Posts: 3021
Joined: Sun 20 Feb 2005, 04:00:00
Location: Uppsala, Sweden

Re: Drunken oil trading

Unread postby Concerned » Tue 07 Jul 2009, 15:43:56

I don't really see any reason to engage with people who believe in something as fundamentally retarded as 9/11 conspiracy, beyond mocking.


Ironic on two levels.

1. Beyond mocking and yet you mock it.
2. You believe in a conspiracy too you must know. The one about how 19 hijackers?
"Once the game is over, the king and the pawn go back in the same box."
-Italian Proverb
User avatar
Concerned
Heavy Crude
Heavy Crude
 
Posts: 1571
Joined: Thu 23 Sep 2004, 03:00:00

Re: Drunken oil trading

Unread postby Starvid » Tue 07 Jul 2009, 17:30:05

pstarr wrote:Starvid I didn't follow all that. What with the cartoons and the script and everything.

What were you saying again? That twelve Arabs from Afghanistan without flight training commandeered four US aircraft and crashed them into buildings (and their were no bodies associated with two of those crashes). And so we invaded Iraq and Pakistan? That makes no sense.

I don't know how much you know about that area, but Afghan-Pakistan border region is inahbited by Pashto tribes who don't care about imaginary borders. Thats's most likely were Osama and friends are hanging out.

And yeah Iraq... It doesn't make sense. Why would the US government kill their own people (especially aiming at the people who more or less control the US government itself), blame it on al-Qaida and then invade Iraq? I mean, if I wanted to invade Iraq I'd blame the attacks on Iraq in the first place, wouldn't you?

Hell, why have some attacks at all? It's not like the American people isn't uninterested and gullible enough to be fooled into fucked up wars without any reason whatsoever... like in... Iraq.
Peak oil is not an energy crisis. It is a liquid fuel crisis.
User avatar
Starvid
Intermediate Crude
Intermediate Crude
 
Posts: 3021
Joined: Sun 20 Feb 2005, 04:00:00
Location: Uppsala, Sweden

Re: Drunken oil trading

Unread postby Starvid » Tue 07 Jul 2009, 18:02:45

Concerned wrote:
I don't really see any reason to engage with people who believe in something as fundamentally retarded as 9/11 conspiracy, beyond mocking.


Ironic on two levels.

1. Beyond mocking and yet you mock it.
2. You believe in a conspiracy too you must know. The one about how 19 hijackers?


1. Dude, I said there was no reason to interact in anyway with them, except mocking them. And then I posted mocking things.

2. Conspiracies happen all the time. But for me to believe a conspiracy it must be logical to some extent, and it must have a clear description of what actually happened, and it must be, well, reasonable. Involving so many people and keeping it secret is just plain impossible and to believe in something like that you must have a completely warped view of the corrupt, drab, beige and unimaginative people who are in charge of the US of A, not to mention all their mindlessly patriotic subordinates who'd never take part in something like this, and even less keep quiet aboutit.

Oh damn, here I am arguing the stuff again in spite of promising not to do it. Just read the funny dialogue I posted above. If you believe in the crazy truthers, you must also believe some batshit insane conversation like that actually happened. The truther conspiracy is so fucing convoluted and retareded and most of all impractical (not that anyone ever spells out exactly what happened, there are just "question marks") that I could have made a 100 times better, less complex and less risky plan to fool the US people into a war frenzy against whatever nations you'd like to name.
Peak oil is not an energy crisis. It is a liquid fuel crisis.
User avatar
Starvid
Intermediate Crude
Intermediate Crude
 
Posts: 3021
Joined: Sun 20 Feb 2005, 04:00:00
Location: Uppsala, Sweden

Re: Drunken oil trading

Unread postby retiredguy » Tue 07 Jul 2009, 18:22:03

A big +1, Starvid.
User avatar
retiredguy
Tar Sands
Tar Sands
 
Posts: 633
Joined: Tue 11 Jan 2005, 04:00:00
Location: southern Wisconsin

Re: Drunken oil trading

Unread postby Cloud9 » Tue 07 Jul 2009, 20:02:57

Flying is not hard. You learn that in the first 20 hours of flight training. Landing is where the fun begins.
User avatar
Cloud9
Intermediate Crude
Intermediate Crude
 
Posts: 2961
Joined: Wed 26 Jul 2006, 03:00:00

Re: Drunken oil trading

Unread postby Concerned » Sat 25 Jul 2009, 04:39:45

Involving so many people and keeping it secret is just plain impossible and to believe in something like that you must have a completely warped view of the corrupt, drab, beige and unimaginative people who are in charge of the US of A, not to mention all their mindlessly patriotic subordinates who'd never take part in something like this, and even less keep quiet about it


Don't think so bud. Many of these peep's are geniuses.

Ton's of secrets get buried for money. Many legal cases settle on that basis of nobody talking.

You must be stupid to think a bunch of home grown Arabs and their enablers AQ and OBL are able to keep a secret but Americans (Govt. or Private Ent or Home Grown) are unable to.

*passes smelling salts*

WAKE UP!!
"Once the game is over, the king and the pawn go back in the same box."
-Italian Proverb
User avatar
Concerned
Heavy Crude
Heavy Crude
 
Posts: 1571
Joined: Thu 23 Sep 2004, 03:00:00

Re: Drunken oil trading

Unread postby Hawkcreek » Sat 25 Jul 2009, 10:29:08

Would not simply having fore knowledge of a terrorist attack and not doing anything about it, constitute a plot? There seems to be plenty of evidence of possible fore-knowledge.

I think that more Americans believe in that, rather than that the US guv had anything to do with the actual planning of the attack (financing and planting the idea maybe, but not planning).
"It don't make no sense that common sense don't make no sense no more"
John Prine
Hawkcreek
Expert
Expert
 
Posts: 1468
Joined: Sun 15 Aug 2004, 03:00:00
Location: Washington State


Return to Economics & Finance

Who is online

Users browsing this forum: No registered users and 27 guests