The Wall Street Journal is reporting that U.S. commodities regulators are exploring whether traders were tipped off early about the release of oil from emergency stockpiles.
The paper reports:
U.S. commodity regulators are examining whether word of a decision to coordinate a release of global oil stockpiles was leaked ahead of Thursday's announcement by the International Energy Agency, according to a person familiar with the matter.
Officials with the Commodity Futures Trading Commission as well as market participants have pointed to unusual trading in the oil-futures market before the IEA's announcement that it would release 60 million barrels of oil, the person said.
The CFTC is reviewing market data to find clues as to whether some traders may have received an early tip on the IEA's plan, the person said.