https://www.ft.com/content/51d2f6a5-1a71-4c1c-b022-8768fdb72519
These explanations for the negative prices were not good enough for Harold Hamm, a veteran Oklahoma oilman, close associate of President Donald Trump and executive chairman of Continental Resources, a shale oil driller. Mr Hamm sought an investigation into possible market manipulation or computer problems at CME. The “system failed, negatively impacting a significant part of the American economy,” he wrote in a letter to the Commodity Futures Trading Commission.
Chicago-based CME rebutted him, saying prices reflected the severe impacts of coronavirus including lower oil demand, an oversupplied market and high levels of oil in US storage. “The futures market worked to perfection,” Terry Duffy, CME’s chief executive, told CNBC
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