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January 03, 2008

$100 Oil? Blame one man.

The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say...Stephen Schork, a former floor trader on the New York Mercantile Exchange and the editor of an oil market newsletter, said one floor trader bought 1,000 barrels, the smallest amount permitted, and sold it immediately for $99.40 at a $600 loss.
"They absolutely overpaid," he told Radio Four's Today Programme.

"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil."

FIRST!

PWNED Noobs! I'm in yur comoditty marketz riggin' yur pricez!

In my defense, how often do you get a chance to make history? I mean, it's not like I'll be stepping foot on the moon or anything anytime soon.

Especially with Oil trading at $100. Jeez...can you imagine how expensive that trip would be?

posted by Jack M. at 10:18 AM

| Access Comments


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"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil." FIRST! PWNED Noobs! I'm in yur comoditty marketz riggin' yur pricez! In my defense, how often do you get a chance to make history? I mean, it's not like I'll be stepping foot on the moon or anything anytime soon. Especially with Oil trading at $100. Jeez...can you imagine how expensive that trip would be? posted by Jack M. at 10:18 AM \| Access Comments <script language="javascript" src="http://adserver.adtechus.com/addyn/3.0/5235/1131537/0/170/ADTECH;loc=700;cookie=info;target=_blank;key=key1+key2+key3+key4;grp=[group]"></script><noscript><a href="http://adserver.adtechus.com/adlink/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" target="_blank"><img src="http://adserver.adtechus.com/adserv/3.0/5235/1131537/0/170/ADTECH;loc=300;key=key1+key2+key3+key4;grp=[group]" border="0" width="300" height="250"></a></noscript>	Recent Comments Arbalest: " It looks like the thread is winding down. Well, ..." Wolfus Aurelius, Dreaming of Elsewhere [/i] [/b]: "It's 53 F. here, though we're expecting rain. I'd ..." Wolfus Aurelius, Dreaming of Elsewhere [/i] [/b]: "Morning, insomaniacals! Some Kipling is always a ..." 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