Oil crosses $100 but nets a $600 loss.
Friday, January 4th, 2008Last Wednesday crude oil ($wtic: chart) crossed the magic $100 per barrel threshold for the first time ever. But now it appears that the event was an attempt to gain 15 minutes of fame.
Evidently, a single trader bid up the price of crude by buying a 1,000 barrel contract off the floor for $100 per barrel, then turned around and sold it for $99.60 per barrel, a $600 loss (crude crossed the magic $100 line again the next day, but let’s face it, there are no points for second place!).
Most trading in energy futures has shifted …
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