A huge options bet Tuesday on Brent crude prices plunging rattled oil traders already on high alert for unusual flows, as Iran war headlines continue to whipsaw prices and regulators probe suspicious trading.
Put options equivalent to 134 million barrels of Brent crude oil traded in a single $91/$90 put spread transaction on Tuesday, according to data compiled by Bloomberg. A buyer of the spread would profit as much as $129 million if July futures tumble roughly 19% from their current level by the May 26 expiration.
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