London-based company Vega Capital: Negative oil price brought traders $ 500 million in profit

The Vega jackpot, which has not yet been reported, involved around a dozen traders who aggressively sold oil together before the May contract for West Texas Intermediate was settled in New York at 2:30 p.m. It’s a tactic that Vega traders use regularly, said another person who is familiar with the company’s strategy. That day, however, trading coincided with a period of unprecedented volatility. As a result, the demand for fuel erupted due to the coronavirus pandemic, and storage capacity in Cushing, Oklahoma, where buyers take delivery of WTI crude physically, was practically gone.

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