Web site error rocks global oil markets

[IChing]

Source: Reuters

NEW YORK (Reuters) - World oil prices jumped briefly on Wednesday after a television station in Tulsa, Oklahoma -- the No. 62 U.S. media market -- posted an erroneous story about a refinery fire on its Web site.

At 10:14 EDT (1414 GMT), CBS affiliate KOTV reported that a lightning strike had caused a fire at an Oklahoma refinery -- sparking a flurry of excitement among energy traders and boosting U.S. crude prices 40 cents.

The refining company announced the story was "completely wrong" and the station withdrew the story.

"All it takes is a screw-up on a Web site to move the market. It just goes to show how tense this market is," said a Houston-based oil trader.

Read more: http://www.reuters.com/article/internetNews/idUSN3040403520070530?feedType=RSS&rpc=22

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Oops

[EnviroBat]

1. Dear God, I pray for a time in the near future where this knee-jerk

market will no longer matter...

[dubyaD40web]

2. Agreed.

I'm tired of prices going up cause someone farts in the Middle East.

[Javaman]

7. What???? Someone farted in the middle east???? Good Gawd!!!

(runs around in circles with arms failing) I'm so screwed, the price of gas is going to sky rocket!!!!

eh hmmm....

In other news, the city of lights is no more...

[RUMMYisFROSTED]

12. I dunno. Sounds like good news to me.

"New Natural Gas Deposit Found In Middle East."

[Javaman]

13. LOL nt

[mrcheerful]

4. We had that at one time, from 1929 until 1968, the stock market wasn't

used as an indicator of the economy either, that was based on wages, price of goods etc etc. To be honest my gf's 16 year old pays more attention to the stock market then I did at that age. It was just something the rich gambled their money on. Boy how Reagan changed the country.

[depakid]

10. Dream on.

Increasing volatility is precisely what the peak oil models predict- big spikes and valleys, with the moving average inexorably rising.

[ben_meyers]

3. It's like The Great Toilet Paper Scare

1973: The Johnny Carson Toilet Paper Scare — Johnny Carson makes a joke about the United States facing an acute shortage of toilet paper. This prompts viewers to run out to stores and begin hoarding. Carson apologizes the next day for causing the scare and retracts his quote.

Leno and Letterman can't hold a candle to Carson.

[Javaman]

8. that's nothing, i remember the great exlax scare of 47!! nt

[onehandle]

5. A "screw-up" doesn't "move the market", greed does.

Don't confirm the story, just raise the prices.

They'll use Any excuse to gouge the consumers.

[Miss Chybil]

6. Bullshit. I wonder who was behind such a "screw up?"

Like someone just sat around and made up that story "by accident."

[karlrschneider]

9. KOTV is stqffed by idiots. (It's local to me here in Okla) They tried to do a 'retraction'

on the noon broadcast today and even fucked THAT up...
:eyes:

[youngdem]

11. Hmmm....Such a profitable 'screwup' demands additional attention

Exactly how does one write a story about an explosion at a refinery that DIDN'T HAPPEN?

HUNDREDS of typos in a row, then accidentally submitting it to the editor then accidentally posting it live? :crazy: :eyes:

BULLSHIT.

This is market manipulation I would bet. An easy way to pad the pockets a little more.

[Lone_Star_Dem]

14. If someone was in the know that this was a fake story

They stood to make a lot of cash in a very short period of time. Not that anyone would do such a thing.