June 20, 2008
Rapid Price Adjustment in the Crude Oil Market
Reuters got the scoop that China would raise fuel prices. I don’t have a Reuters terminal, but it would be interesting to know what time (precisely) they published the news. Bloomberg was very late to the game, I believe, with their first headline (referring to Reuters) at around 9:53 AM, long after the market had digested the information. Can anyone tell me exactly when the Reuters headline hit?
I love comparing the intraday charts with time-stamped “news.”
Cat: | Time: 5:58 pm (utc+8)
June 20th, 2008 at 7:50 pm
The official news was announced at 10 pm Thursday, one hour after the crude oil topped. But the stock movements of PetroChina and China Petroleium & Chemical suggest that the announcement should have been made one day earlier (but was delayed for unknown reason).
June 20th, 2008 at 7:52 pm
The movement is commanded by insider news not outsider news.
June 20th, 2008 at 9:19 pm
speed: I need to know the time-stamp on the Reuters story, then we’ll know just how much “advance” some folks had … there’s a 12 hour time difference between Beijing and New York. I haven’t looked at PetroChina or Sinopec to see if there was unusual movement on Thursday.