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Oil’s Phantom Weekend Price Plunge Catches Traders off Guard

  • CME says it was doing routine testing when market was shut
  • Traders said they thought WTI was open and bought futures
CME Group Headquarters Ahead Of Earnings Figures
Photographer: Christopher Dilts/Bloomberg
Updated on

Weekends are typically a time for rest in the hectic world of oil trading, with the futures markets closed for the duration. 

Last Saturday, however, several traders found themselves frantically trying to buy U.S. crude futures as their screens flashed tantalizingly low prices.