Topics:

- CFTC interim staff report on negative WTI Futures prices released 11/23/20

- Already causing dissension amongst CFTC commissioners for not being prescriptive enough to point fingers at those who may have benefited

- Reads like a freshman economics book report. “Dog ate my homework.”

- The faustian bargain struck with Algorithms for market liquidity leads to jump events.

- Vitol agrees to pay a record $135MM fine to settle bribery charges in Brazil, Ecuador and Mexico with the US DOJ.

- Charged with FCPA violations stemming from 2008 to 2014 for $8MM bribes paid to fraudulently win fuel oil tenders with NOCs

- Ghost of Marc Rich looms over his children

References:

https://www.justice.gov/opa/pr/vitol-inc-agrees-pay-over-135-million-resolve-foreign-bribery-case

https://www.bloomberg.com/news/articles/2020-12-08/-an-mba-in-corruption-how-top-oil-trader-paid-bribes-for-years

https://www.cftc.gov/MarketReports/StaffReports/index.htm