How do you know when a market has been manipulated? When you are on the losing side of a trade!
Founder & CEO of Continental Resources (a North Dakota shale producer that had not hedged its production heading into the price drop) Harold Hamm says he wants the CFTC to probe whether "potential market manipulation, failed systems or computer programming failures" was behind Monday's price drop for US oil futures into negative territory.
CME pointed out the obvious to the guy:
- called Hamm's allegations "factually inaccurate"
- "prices reflect fundamentals in the physical crude oil market driven by the unprecedented global impacts of the coronavirus, including decreased demand for crude, global oversupply, and high levels of U.S. storage utilization."
Reuters with the report.
