The early push higher on Monday came as market participants looked to easing restrictions after the COVID pandemic and a colder winter in the northern hemisphere to boost demand. Cold temperatures in the northern hemisphere are also expected to worsen an oil supply deficit, said Edward Moya, senior analyst at OANDA.
Prime Minister Fumio Kishida said on Monday that Japan would urge oil producers to increase output and take steps to cushion the impact of surging energy costs on industry.
Chinese data showed third-quarter economic growth fell to its lowest level in a year hurt by power shortages, supply bottlenecks and sporadic COVID outbreaks. China's daily crude processing rate in September also fell to its lowest level since May as a feedstock shortage and environmental inspections crippled operations at refineries, while independent refiners faced tightening crude import quotas.
Mish, an expert in commodities, was holding ten oil contracts as the market went over the edge. After 50 years of inspecting currencies and stores of value from the Americas to Europe to Asia, Mish can also claim another expertise: He is an expert in counterfeit detection. That day, as he watched his oil trades go south, he picked up the phone and called one of the best market-manipulation lawyers in the country. While much of Wall Street was on vacation in August, the battle lines were drawn in what is increasingly shaping up to be a fight over whether oil prices in April were manipulated and, if so, who was responsible.
And we have ruled out that this was the result of normal market activity. This is a classic example of manipulation. All told, the price swings were tantamount to a standard-deviation event, according to the suit. This was unprecedented in the history of the oil market. Unlike many market participants, however, the veteran commodities trader is refusing to swallow his losses. Based on available market data, the suit estimates hundreds of people may qualify to apply.
Specializing in commodities-price manipulation, Lovell has taken three cases to the Supreme Court — including one at the start of his career, when he was just 28, against entrepreneur J. But it is one of the few that have a face. Lawsuits cropping up are not just of the class-action variety, but are also being spearheaded by hedge funds and brokerages and, in some cases, appear to hint at imminent actions against some of the exchanges.
The fact that so many in the market feel the only redress available to them is to take legal action is less than ideal, says Dan M. Berkovitz, commissioner at the Commodity Futures Trading Commission, the futures market watchdog that has opened a months-long investigation into what went wrong.
When oil prices started to crater, the fund desperately tried to liquidate its bets, but in vain. It appears the exchanges are going scot-free. The company declined to provide the number of traders it compensated or more information about why some traders were refused and others were not.
One of the market participants who was compensated was Syed Shah, a year-old trader based in Mississauga, Canada, just outside Toronto. He says he started the day on April 20 with hundreds of thousands of dollars in his Interactive Brokers account before his oil trades led to an unexpected margin call. IEA: We need to accelerate clean energy efforts. Energy costs rise amid global crunch. UK puts army on standby to deliver fuel as service stations run dry September China's energy crunch is hitting factories hard.
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