Oil's Craziest Day Leaves Traders Dazed From Tokyo to Houston - Bloomberg:
The Sunday opening of the oil market is traditionally a sedate affair: volumes are minimal and only a few traders in Asia, where it’s already early Monday, are in front of their screens.
Last Sunday was different. Order volumes were sky high and hedge funds, refiners and oil trading houses had their top traders staffing operations, according to interviews with multiple market participants. Brokers put special teams in place to beef up skeleton weekend crews.
“It wasn’t just profit and loss,” said Richard Fullarton, the founder of London-based oil hedge fund Matilda Capital Management. “People’s careers and livelihoods changed on Sunday night.”
The Sunday opening of the oil market is traditionally a sedate affair: volumes are minimal and only a few traders in Asia, where it’s already early Monday, are in front of their screens.
Last Sunday was different. Order volumes were sky high and hedge funds, refiners and oil trading houses had their top traders staffing operations, according to interviews with multiple market participants. Brokers put special teams in place to beef up skeleton weekend crews.
“It wasn’t just profit and loss,” said Richard Fullarton, the founder of London-based oil hedge fund Matilda Capital Management. “People’s careers and livelihoods changed on Sunday night.”
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