June 2009 oil spike caused by a single druken trader
A drunken broker apparently shook the global oil market much like a major international incident. A report claimed a senior broker at PVM Oil Futures pushed oil prices $1.50 higher in a night of blacked-out trading.He got drunk and made a huge pile of oil purchases in the name of a client that he wasn't authorized to make. He bought more then $500 million in oil futures in a single night. PVM Oil Futures turned around and cancelled or sold the futures as quickly as they could, but it still cost them close to $10 million to clean up the mess.
Rather scary that a single trader can muck up the markets that quickly on their own.
Jay