US oil boom delivers surprise for traders – and it’s costly

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LONDON/NEW YORK (July 15): The world's biggest oil traders are counting hefty losses after a surprise doubling in the price discount of US light crude to benchmark Brent in just a month, as surging US production upends the market. Trading desks of oil major BP and merchants Vitol , Gunvor and Trafigura have recorded losses in the tens of millions of dollars each as a result of the "whipsaw" move when the spread reached more than US$11.50 a barrel in June, insiders familiar with their performance told Reuters.

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