Trader Makes $250-a-Barrel Bonanza Oil Bet
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With the world gripped by high energy costs and soaring inflation, oil options that would profit a buyer from Brent crude hitting $250 a barrel are changing hands.
The equivalent of 5 million barrels of Brent $250/$300 call spreads traded late on Thursday. The contracts would make money if oil rallies to levels that no analysts have called for since prices hit a record in 2008. Those contracts followed 8 million barrels of $200/$215 West Texas Intermediate call spreads and 4 million barrels of Brent at the same level for December 2022, the latest in a spate of options wagers on sharply higher prices.