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Three years ago this week, U.S. energy prices collapsed as the pandemic triggered arguably the swiftest economic downturn the world has ever seen....
The group of traders, many of whom are based in the same Essex village, grabbed headlines around the world on April 20, 2020, when they made £570million by betting on the price of oil.
Nine independent traders in Essex made between $30m and $100m each Group including Paul ‘Cuddles’ Commins are mainly people in their 20s and 30s Traders are affiliated with Vega Capital London, which has a small Essex office So-called 'oil oiks' claim they legally bought oil futures knowing price would fall Phenomena of negative oil prices on April 20 meant traders got paid fortunes
ILLUSTRATION: SOPHY HOLLINGTON FOR BLOOMBERG BUSINESSWEEK By Liam Vaughan, Kit Chellel, and Benjamin BainDecember 10, 2020, 12:01 AM EST SHARE THIS ARTICLE Among the many previously unthinkable moments of 2020, one of the strangest occurred on April 20, when the price of crude oil fell below zero. West Texas Intermediate futures, the most popular instrument used to trade the commodity, had started the day at $18 a barrel. That was already low, but prices kept tumbling until, at 2:08 p.m. New York time, they went negative. Amazingly, that meant anyone selling oil had to pay someone else to ...