Posts tagged: Thomas Petterfy

The day trader, the oil price crash and the $9 million debt

Monday, 11 May 2020, 4:08 pm

Syed Shah got a big fright the other day - a $9 million fright to be exact.

When US oil prices crashed last month Shah bought a bunch of futures contracts at what he thought was one cent a barrel, hoping to pick the bottom of the rout.

However, little did he know that at the time he was buying through his $77,000 account at one cents the real price of oil was actually minus $3.70 a barrel...