Mystery trader shorts $920 million in crude oil and gains $125 million
Updated
Updated · Benzinga · May 6
Mystery trader shorts $920 million in crude oil and gains $125 million
7 articles · Updated · Benzinga · May 6
About 10,000 contracts were sold at 3:40 a.m. ET, 70 minutes before Axios reported a possible US-Iran war-ending deal, after which oil fell more than 12%.
Donald Trump later warned bombing would intensify if Iran rejected a 14-point proposal, while Iran lawmaker Ebrahim Rezaei dismissed the reported memorandum as an American wish list.
The trade adds to similar pre-headline oil bets; Representative Ritchie Torres has urged SEC-CFTC action over $2.1 billion in suspicious April trades, and the CFTC has reportedly opened a probe.
Was the $125 million oil trade profit a result of a government leak or sophisticated market manipulation?
As Iran's hardliners dismiss peace talks, is the global economy prepared for the Strait of Hormuz to remain closed?