Posted on 06/24/2011 10:17:46 PM PDT by Mount Athos
US commodity regulators were examining Friday whether word of a decision to coordinate a release of global oil stockpiles was leaked ahead of Thursday's announcement by the International Energy Agency, a person familiar with the matter said.
Officials with the Commodity Futures Trading Commission as well as market participants have pointed to unusual trading in the oil futures market before the IEA's announcement that it would release 60 million barrels of oil, the person said.
Member countries of the IEA agreed to take two million barrels of oil a day from their emergency stocks over the coming months, marking the IEA's third and largest release in its 40-year history.
The US will release 30 million barrels of oil from the Strategic Petroleum Reserve, representing four percent of its historically-high level of 727 million barrels.
US “commodity regulators” are a total joke, dating back to Christopher Cox and the Bush administration. JP Morgan and Goldman Sachs have carte blanche to manipuloate the market however they see fit. Frontrunning their customers is de riguer.
JP Morgan and Goldman Sachs have carte blanche to manipuloate the market however they see fit.
Man, I called that right the day Obama made the announcement. And I bet spooky dude is in on it too.
I thought flash trading is legal, what’s the problem? Couldn’t be that the wrong people made money?
What a shock. Start looking in congress. Oh, never mind, congress is exempt from inside trader rules. Unlike we mere mortals, they don’t have to follow that law... or many others for that matter.
Hmmmm. Let's see...If the US purchased crude for the SPR @ $18 per barrel, and releases 30mm barrels at todays price.... What was this about suspicious trading?
It’s not just JP and Goldman. The incest between the Fed, Gov’t, and Wall Street has destroyed any belief I ever held that we live in a Capitalist country with the rule of law intact.
These people are criminals and they are carrying out the biggest heists in history right before our very eyes. Look at Freddie/Fannie and the cooked books that gave huge bonuses to Franklin Raines and Co. Bernie Madoff is not a pimple on the butt of these guys. Enron is a joke compared to this and it just keeps happening!!!!!!!!
Too bad the statute of limitations is almost up.... 5 years. They will never get charged and my kids get to pay for it. Makes one wonder if we are not truly governed by bankers instead of D’s or R’s.
In related news Pelosi had a 62% increase in her vast wealth last year.
No, I am not kidding.
Funny how these democrats always make vast fortunes in Washington.
“Too bad the statute of limitations is almost up.... 5 years. They will never get charged and my kids get to pay for it.”
I wish to emphasize that point...no one went to jail, except some low grade morons on the perifery, no one was forced to disgourge gains made, no one was fired...not one...after the greatest theft in world history.
Intresting to know if Soros was shorting the futures.
I reported here on FR that the afternoon previous to the announcement to pull from the reserve that there was very curious trading in oil. A basket of oil companies I follow was trading normally until something set them off and they ended up the day trading much lower. I searched and there was no explanation. I felt when I wrote, and still feel now, that some major traders had foreknowledge of the move to tap the oil reserve.
Here you go.
Told you I thought someone was playing the futures.
Did I call it or did I call it?
Wow..you are right! (I’m actually surprised that someone is investigating this at all)
I think it's time to just pull your money out of the casino altogether. Judging by volumes in the markets a lot of people are doing just that.
“Hmmmm. Let’s see...If the US purchased crude for the SPR @ $18 per barrel, and releases 30mm barrels at todays price.... What was this about suspicious trading?”
Sounds good if that were the case . Then the question is what will it cost US to replace it ? And do we need to ?
What most don’t understand is that oil processing costs from a given wellhead vary. One of the variables are EPA requirements and one reason I posted “All” is to see if there are a few FR’s out there who may know what these refining costs variables are. Particularly the refining costs from oil extracted from different regions of the world
In addition to this on one of the conservative talk shows Vicky M (WINA am1310 Madison WI) had a guest source on who advocated dumping SOR (strategic oil reserve) altogther and claimed what The BIG O did was great and will have a lasting effect on the market in keeping prices down. Somehow I find these claims suspect and Vicky may have been “sandbagged”.
One reason is the stuff that is comming out of the SOR still has to be refined. It’s crude oil not ready to use guzzelene. Was this guy right or was he blowing some sulfuric smoke over the air waves?
Audit, investigate, prosecute, asset seizure.
Rinse. Repeat.
Reminds me: What did one former Illinois Governor say to the other former Illinois Governor?
“You know, the prison food was better when you were Governor”.
I bet Spooky Dude and the boys know about it. I wonder how much money they made on that announcement.
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