Unauthorized trades push price peaks

07/13/2009
Front-month crude contracts jumped June 30 to “fake” intraday highs of $73.38/bbl on the New York Mercantile Exchange—the highest this year—and $73.50/bbl on the International Petroleum Exchange through unauthorized trades by an employee at a subsidiary of PVM Oil Associates Ltd., London. PVM subsequently announced a loss of almost $10 million.The August contract for benchmark US light, sweet crudes traded through a $4.48/bbl high-low price difference June 30 before closing at $69.89/bbl, down $1.60 for the day on NYMEX. In London, the August IPE contract for North Sea Brent crude retreated $1.69 to $69.30/bbl that same day. Prices continued to drop during the next...
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