It's a class action lawsuit (well not really read below)
The plaintiffs provide what they describe as “concrete evidence” within the Complaint of oil price manipulation.
Against most of the industry...
This action arises from manipulations of North Sea Brent Crude Oil Market (defined herein) by Defendants Shell International Trading and Shipping Company Limited (“STASCO”), Shell Trading US Company, BP pic (“BP”), BP America, Inc., BP Corporation North America Inc., Statoil ASA (“Statoil”), Statoil US Holdings Inc. (“Statoil US”), Morgan Stanley Capital Group, Inc. (“MSCGI”), Trafigura Beheer B.V., Trafigura AG, Phibro Trading LLC (“Phibro”), Phibro Commodities Limited, Vitol, S.A. (“Vitol”), Vitol, Inc., Hess Energy Trading Company, LLC (“HETCO”), Mercuria Energy Trading S.A., Mercuria Energy Trading, Inc., (collectively, “Defendants”) since at least 2002 through the present (the “Class Period”).
The traders who brought it -- who include a former director of the New York Mercantile Exchange, or Nymex, one of the markets where contracts for future Brent deliveries are traded - - allege they paid “artificial and anticompetitive prices” for Brent futures.
Kovel represents plaintiffs Kevin McDonnell, a former Nymex director, as well as independent floor traders Anthony Insinga and Robert Michiels, and John Devivo, who held a seat on Nymex and traded for his own account.
ie its a bunch of ex-NYMEX locals suing big oil now that they can no longer make money on the floor. Call me a cynic (or anything else) but it's a bunch of ambulance chasers.
“It is not uncommon to see these types of private U.S. lawsuits filed following investigations by governmental agencies,” Morten Eek, a Statoil spokesman, said in an e-mail. “We do not want to make further comments.”
Lawyers who write class-action complaints often rely on “information and belief,” legal jargon that loosely translates into allegations that don’t necessarily come with hard evidence. In such lawsuits, as with most filed in federal courts in the U.S., plaintiffs must allege sufficient facts that, if believed, would give them a plausible claim.
In this lawsuit, the plaintiffs say it is their own, expert analysis that provides proof that the fix was in.
The discussion about BFOE & Dated Brent gives an insight to the real Brent market. Physical Brent trades are indexed to 'Dated Brent" and not to futures prices. "Datad Brent" is in turn set by physical trades of Brent. Forties, Oseberg & Ekofisk, four North Sea Crudes with steeply declining production curves. It used to be set purely by Brent trades, but there are now so few Brent trades. These are very opaque markets involving very few participants.
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Where do you derive your charts and data from? I have been looking to compile some fundamental data. Is this all plotted by yourself on excel using figures from CME etc or is it easily available online?