Thursday, June 23, 2011

Mark Fisher Speculates: Someone in IEA Leaked News of Strategic Petroleum Reserves Release Yesterday

Source: CNBC (I extracted the Mark Fisher portion of the interview with David Faber and Gary Kaminsky)
Date: Thursday, 23 Jun 2011 | 1:52 PM ET

This is a very insightful interview. Mark Fisher, the world's biggest and most successful independent oil trader, drops a bombshell. Fisher believes that the announcement that the IEA (International Energy Agency) would be releasing 60 million barrels of oil (e.g. 28 countries coordinating to sell off some of their Strategic Petroleum Reserves) was leaked yesterday by someone in the IEA due to suspicious price action. Obviously, if someone in the IEA really did leak this news to cronies outside the agency and they benefited from the insider information it is a crime.

Speaking of crimes, is it good or bad for governments or central banks (or any group of companies or individuals) to engage in overt or covert price manipulation? In the business world, if a group of different companies were to conspire to fix prices, it would be considered racketeering, which is a crime and against anti-trust laws. Is not market manipulation a form of price fixing?

Read CNBC article here and for first part of video

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