How Global Oil Prices Were Raised $1.50 by a Drunk Trader
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- čas přidán 30. 04. 2020
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Music by Epidemic Sound
"Perkins was responsible for 69% of all trades in that period"
He calculated it all. Being drunk was just an excuse
_Nice_
Based funny sex number
Being drunk unlocked his subconscious and unconscious mind, leading to this 200IQ play XD
Nice
Nice
Man don’t you just hate it when you wake up and realise that last night you spent 500 million dollars
Yeah man that just happens all the time I need to stop
Yeah, but on average I make more money then I spend on liquor while doing that, so I have no real incentive to stop
Someone please help me
after wake up:
omg i need a pirate juice 🥃
I hate when I wake up and I've spent like £50 lil
Someone else spent that to try to become president and he didn't geel too bothered to find out the only thing he has is money. Slightly less now
Steve: *wakes up, huge hangover*
Steve: *checks oil prices*
Steve: "Ah f*ck I did it again!"
This is perfection
"But that never happens, except for when it does." That reminds me of an article I read about an investment firm that accidentally ended up with an entire ship full of coal delivered to their offices. That "never happens", because investment firms typically operate out of skyscrapers, so good luck docking a ship at one, but in this case, they were operating out of a converted warehouse in a port, and they actually had a dock that could receive such a ship, so no one at the shipping company noticed anything odd about the shipment's destination.
Giving a new employee a tour:
"That's the break room, that's the coal room and there's the toilets"
"Sorry did you say coal?"
"It's a long story..."
Oh we need a video on this! 😂👍🏻
@@himssendol6512 Yep. I've read about this a long time ago. Basically, he failed to buy futures and somehow bought the actual product.
And he had deliberately overridden the safeguards that are supposed to prevent this exact thing from happening in order to get a slightly better price. Supposedly the investment firm had to scramble to sell the coal to anyone in the area at clearance prices, taking a huge loss.
I thought at the beginning of Covid there was also a danger of some people having to take oil deliveries when it was like $20 a barrel. Like a sudden surge in demand for storage tankers. I think refineries were basically turning oil away so there was no where for the oil to go so all these office dudes would have been left holding the black bag.
Moral of the story: £=$
He just wanted to show that he was talking about money and not becoming an american by putting on 72000 pounds on weight
Clash Cookie as an American that’s the funniest thing I’ve read today
No, £ = 1.25×$
@@ishikani check 5:08
@@jenisdauncle Well I didn't caught that.
Last time I was this early, Oil was worth something.
Lol
@@awesomecomputers7076 LOL
@@kennethit2070 lol
@@wazzup893 loL
Hehe
The fact that futures traders in theory have to eventually accept delivery of the assets they are trading is why a lot of Oil futures went negative recently. Because of the demand crash caused by COVID-19 a bunch of commodity traders had to pay people to take their Oil futures to prevent someone from showing up at their office with a whole bunch of oil and asking where they should put it. Since there are serious penalties attached to not being able to accept the delivery of the oil you bought (which they wouldn't be able to because they are dudes in offices, not oil refineries with legally compliant storage sites), it was better for them to take the loss up front.
Well, if the futures trade would have been in, say, potatoes, at least you could take delivery and sneakily use them up over time. Ok, the company restaurant might end up serving only potato-based dishes for a few years. But how can you say no to a daily dose of potato soup, baked potatoes with a side dish of french fries and potato salad followed by a dessert of potato pie. If anyone asks, you could always claim it's a secret NASA experiment for future Mars missions 🙂
@@ReneSchickbauer Under rated comment of the year!!!😂
But why did the Brits deem his action illegal?
@@Revnge911 Essentially just because the purchase was so big and moved the price so much without apparent reason. Probably partly to pay for investigation costs this led to.
@@Samuel-ni7vv It's illegal to make large purchases? I don't see the issue with him doing something without reason, I mean sure his employer might be upset but that should hardly be a criminal offense against the state rather a simple civil case.
He was so drunk, it made him realize his unconscious mind and deeper thoughts effectively giving him 350 I.Q. For a short period of time.
He wasn't joking about the FBI watching his videos.
Ah yes, the Ballmer peak
@@radeklew1 the ballmer peak is at a relatively low amount of blood alcohol though. like, "be more talkative and say silly things and hug the bartender" type of drunk, not like "steer your car into the bottom of the pacific" type of drunk
Him being drunk may be one of the many things that lasted shorter than your life time
Guys, this isn't the real John F. Kennedy.
He died of death in Texas Dallas, because he lost the war of drugs.
“72,000 pounds”
Subtitles: $72,000
What about € Euros
@@royblekman8186 1 Brexit is about 1,14 Euro-peas
I’m excited to see this in the next corrections video
To a guy doing trading in the hundreds of millions it may as well be monopoly money.
@@royblekman8186 The Brits aren't on the Euro.
Rip imaginary corn farmer...
May his memory be a blessing
The cornbread looked good .
:(
It looked like he got thanos snapped
We'll never forget.
I hope he comes back in another video as a villain.
I'm surprised anyone would employ him after that.
"So why were you let go from your last job?"
"I got shitfaced and traded half a billion dollars worth of oil by mistake. The authorities had to get involved. They were pretty upset"
"I think I have heard enough. Welcome aboard. See you on Monday"
"Make it Tuesday. Monday is headache day"
I actually looked into buying oil future when oil was at a negative value because I would have literally been paid to take it but I still would have had to pay for it to be transported and stored
Here’s hoping you brought some now it’s at $120
Video idea: How Global Oil Prices Became Negative By Bats
It's actually because saudi arabia increased supply by 30% to bankrupt other producers/countries.
Of course coronavirus exacerbated that.
@@01DOGG01 Oh, yeah. Definitely because of a %30 increase in supply. Definitely not because of a 50-70% decrease in demand caused by the largest contraction of the global and national economy caused by either bats or insufficient safety protocols at a Wab in Luhan.
It wasn't a Saudi plot to bankrupt people. It was a multinational agreement to limit supply and hence increase prices. That deal expired so everyone increased supply and therefore lowered price
@@hurricanenation56 It was both that made it fall not just beer bug
It probably wasn't bats. It's more likely because of snakes or pangolins.
*Globalized oil economy supported by several powerful countries*
vs
*One drunk trader*
WHO WON? WHOS NEXT?
_YOU DECIDE!_
EPIC RAP BATTLES OF HISTORY!!!
no vs there, they'd rather oil be worth more
Not stonks
Script writer: How many different metaphors for alcohol should we use?
Sam: Yes!
Pirate Juice. 🤣
Avoiding dem libel laws like a boss
But the question remains: Did he got 7 million barrels of oil delivered to his doorsteps?
From what I've learned on Economics Explained, for oil there's usually a nominated storage facility where it's delivered to and the facility will start charging the owner for keeping it in their tanks.
@@Croz89 So they would've had to charge him 500mil + storage cost for as long as he couldn't pay for it and therefore receive it. I wonder how he managed to get himself out of that mess without getting punished big time.
@@ahmedelakrab sell the features of course
@@BodhiGeraci I suppose you mean sell the petrol. But to whom; who would want to buy overly priced petrol that has no real demand in the market since Perkins created imaginary demand thus inflating the price. it's a lose-lose situation; if you buy it while there is no demand for it but someone is willing to buy, you'll have to sell for less and thus lose money; if there's no demand at all you'll lose your money and take up the charge of storage.
Haha
Next up: how some guy made the oil market fall hundreds of dollars by eating a bat
X to doubt virus came from bat.
Saudi arabia initiated economic warfare by increasing output by 30%. Bats helped later.
@@01DOGG01 actually the bats helped before (it was actually a mix of animals all in cages in poor conditions close to each other but whatever) by lowering oil demand, then russia and saudi arabia had an oil fight, and then the US's oil storage tanks overflowed and they ran out of space to put it all, and since wallstreet held all those futures and hadd no place to put the oil that was about ready to be delivered to them they stared paying people to take the future delivery, thus negative oil price.
The bat that caused it wasn't eaten. Becuase of poor sanitation at an animals market the bat spread it to another animal that then spread it to a human.
@@cageybee7221 The entire world is running out of storage. Not just the states.
Saudi Arabia is trying to bankrupt Iran and they won't back down to Russia (whom also needs oil money). US producers are also affected and can easily be bankrupted as production costs are much higher.
And about the market. That's nonsense. They very well know that it didn't come from any market.
A worker researching the virus was the first one infected at the Wuhan Institute of Virology. She was patient 0. This is well known.
Look up laowhy86's video czcams.com/video/bpQFCcSI0pU/video.html (and his other video prior to that one) where he goes over old job postings and other stuff on their website to show that it was the origin.
And that's not the first time that a virus has escaped from a chinese lab.
This has been known for months already. Wet market is a bullshit distraction from the truth. Why do you think they reopened wet markets?
"Returned home to London"
How did I know before even watching this video that the guy was gonna be from the British Isles...
@@calkingarg8084 What? Why are you talking about HAI? He's not even in London.
I'm obviously talking about the drunk trader.
perfidious albion, the more things change the more they stay the same
@@calkingarg8084 Oh wow, you really have no idea what you're talking about do you. London goes toe to toe with NYC. Would likely be on top if Brexit didn't happen but it's still close.
Also the UK is the top exporter of financial services in the entire world, almost as much as USA, Luxembourg and Switzerland combined.
Here are some sources, though I doubt you actually care about facts.
en.wikipedia.org/wiki/Financial_centre
www.thecityuk.com/research/key-facts-about-the-uk-as-an-international-financial-centre-2018/
@@calkingarg8084 So what you're talking about is GDP, that's a different topic honestly. You're not wrong that there is a lot more wealth in NYC and the states as a whole but that wealth is self contained, the UK not so much, which is why people would call it a global hub, where as a lot of the wealth that NYC deals with is from the states, that would make it a national hub.
Anyway, the main thing is how laughable calling London broke is, which you might appreciate now.
Because Florida Man doesn't have $500 million dollars to play with when he's drunk.
I buy loads of random crap when I'm drunk, I love the idea that no matter how much money you're on, you can do that same thing
Imagine him not noticing his terrible, terrible mistake and some FedEx delivery driver knocking on his door a few years later with 7 million barrels of crude oil. “That’ll be 500 000 000 dollars plus shipping sir, thank you for choosing FedEx.”
In futures contracts, you can opt out of delivery.
When HAI runs out of planes vids
the planes aren't flying anymore, so are his plane video ideas
I expected the RLL video I just came from to mention Wendover as one of the parts of the economy associated with airplanes!
Still got a reference in. 0:20 has video titles.
@@Cause56 This is Wendover Productions (same person)
But... where does plane fuel come from?
Oil market exists
Drunk trader: *_I'm about to do what's called a pro gamer move_*
Hahaha
69% of all trades in that time period!
NICE.
You are literally everywhere. Are you stalking me?
edge lord czcams.com/video/tJoFokbEtns/video.html
You ARE everywhere!
"He felt like he was tucked in by a bus." That is the funniest joke on this channel to date. I dare you to top it.
Next video: "How a Subreddit Raised Gamestop Stock Prices"
high demand, high price, there's your explanation. in monke words: when many monke want to buy banana, then banana become expensive
He would need to wait for about ten years until almost no one remembered it and then he could dig it back up.
A future: something that HAI plane videos don’t have.
I think that airplanes companies use futures for jet fuel :) So he could have included them
*Oil*
United States: Ladies and gentlemen, we got him.
him who?
KAKAKAKAKAKAK this is wonderful! PRANK! It is terrible! I looked in the mirror and saw something UNPRETTY: my face. KAKAKAKAKAKA! But I am happy agayn because I have TWO HOT GIRLFRIENDS and I use them to get views on my videos! KAKAKAKAK!!! Good day, dear anime
@Brownskikuca Garlic Bread pls explain
@@zoiuduu he's referencing when the US military announced they captured Saddam Hussein
@@rk9atx thx
"he was later hired to make training manuals"
I wonder if one of those chapters covers trading while drunk?
God, I love slightly slow-motion stock footage of weirdly specific circumstances. Thank god this channel can accommodate my needs.
Economists: humans are rational beings who use their resources to maximum benefit
Humans: lol what if I just bought this oil
my economics course is now meaningless
@@sebdunleavy1608 it always was, econ is the trashiest field that can be considered a science. My comment wasn't serious but i do hate economists with a burning passion
Rational?)
@@domesticcat1725 my god I am taking economics and they always say consumers are rational, utility maximising etc etc BUT WE NEVER ARE
@@randomcatmeow1394 What level of economics? Because typically they teach those simple assumptions in the lower levels to simplify things.
Fun fact: Steven is naturally back in the business as an ethanol physical & futures broker for a company called Starfuels.
Though if someone knows the London trading culture his case might not come as a big surprise at all - traders wandering between pubs and their offices in market hours is pretty normal.
5:09 - loving the fact they corrected the mistake about "Industry" and "Authority" like less than 10 seconds before, but then proceed to say £72,000, while simultaneously showing a $72,000 graphic with zero fucks given.... 😂
The sentence: “this video was made possible by” not being followed up by: squarspace always feels weird.
Brilliant, hover, Blue Apron, Great Courses Plus....
...and so on, and so on.
72,000 pounds, he says, and puts in a $ symbol. Yeah, so the video editor was drunk. That guy just reduced the fine amount.
I think we just found a money duplication glitch. Simply change the dollar sign to pounds, then convert that back into dollars at the higher rate then repeat this. We'll be rich!
@@user-zd9fc4vs4q: It's even easier if you use two different currencies called the dollar. Zimbabwe dollar could be a good candidate.
@@user-zd9fc4vs4q i think thats what u call forex trading 🤔
@@jheybrent Just googled Forex, that looks easy. Just trade the line & make money, thanks we can actually get rich now.
“When the world needs him the most, he vanished”
- A proverb from Avatar the last Airbender
Everything changed overnight when the oil prices increased
We dnt need him
_How business works_
Drunk: buys 69% of something
Business: *outstanding move*
UK government : not an outstanding move.
"…and why would I ever [explain futures trading] in a video that's meant to be fun?"
* concisely explains futures trading in an unexpectedly fun way *
“No one has every traded $500 million dollars in petroleum futures”
I did that yesterday, what do you mean?
penumbra01 yeah in adventure capitaliste
@@chedidkamal837 Same thing.
Negative doesn't count.
penumbra01 czcams.com/video/tJoFokbEtns/video.html
@@TommyWeber Who is Jo Fokb Etns? And more importantly, what does that t mean?
Oil, being fine at its price:
This drunk dude: ILL RAKE YOUR ENTIRE STOCK
rake
0:27 ඞඞඞඞඞඞඞඞ
amogus
amog us
Language name
"Perkins was responsible for 69% of all trades in that period"
"69%"
You know what, that was not a coincidence.
22nd Count of seeing you on Random CZcams Videos.
Nice
@@malding1 fortnite bad minecraft good thanks for the gold kind stranger
Just Some Guy without a Mustache do we just have similar interests or are you actually just everywhere?
HOLY SHIMT A JSGWAM COMMENT WITH LESS THAN 100 LIKE :OOOOOO
Funny how HAI makes this while oil prices are at an all time low.
will probably get a lot more views since oil is such a relevant topic.
Wait did he sells his futures when he woke up at that high price and make a shit ton of money? And if so could it be done again? Asking for a friend
No, becuase that is illegal (at least in the UK) and -you- your friend will be fined.
Logan Depends, do you have the buying power to disrupt a multi billion dollar market? And do you mind breaking a lot of laws in the process?
Fined 75,000 pounds after you just profited billions. What a joke.
@@ReaperCheGuevara not billions. At most 4 million $. 73.5-71.4-1.5=0.6. 0.6/73.5*500000000 near 4000000. Maybe 1-2 mln. And it's hard because after he sells at such volume price drops also. Only if it had a huge buy wall after. And this money belonged to his company that he treated on it's behalf... So he maybe even lost something
@@ReaperCheGuevara he lost his job and was fined something he made from a trade.
So let me get this straight, he pumped the market enough to raise the value of his 7 million barrels of oil by $1.50, thus presumably making a profit of $10.5 million (assuming he didn't sell them all at once) and got fined just $72000?
yea, was wondering about that fact too. Seems weird
"I promise I'll only have one more"
*Accidentally trades 5 Million barrels of oil*
"NOT AGAIN!"
5:10 That's dollars, not pounds. Now give me a medal
That's an Oklahoma maneuver if I've ever seen one.
Cu
Don’t need drunk traders to do it this time
Imagine having to explain this to your boss
0:19 did he really do that? 😂
Leon Wang ikr which video?
“The Accidental Virtual Pandemic in WoW”, see the screenshot
And now those oil stock prices are negative, so $1.50 doesn't seem like that big of a deal anymore
i thought only the most popular type of oil was negative?
@@hecko-yes It was "West Texas Intermediate" so a certain grade/region of oil that dipped super low, but I think Sweet Brent Crude (the one in this vid) is the most popular/default type. I'm not a futures trader and too lazy to fact-check though so I could be wrong
Corona has been found guilty of illegal market manipulation
Next video - how a president spiked the price of oil in his own country by haulting the production of it due to dementia and handlers.
The explanation of futures was spectacular! Better than other videos that are specifically explaining futures.
He did 69% of all trades in that period.
Nice one
*"It have been a great weekend of hitting little balls to hit a slightly bigger holes using weird expensive stick."*
I guess it's not that complicated to hit a hole.
One of the BEST Wendover/HAI videos! Excellent choice for background music too!
"Bingo bango bongo I'll have my corn" I'm just gonna send this to random people and then say wrong person and see the reactions I get
Love the 4th wall breaks in your videos. Always makes them funnier
Because he bought an insane amount of barrels of oil while drunk (I think one of your friends' channel covered this a few years back).
Sam: I won't explain oil futures that's boring
Sam, immediately after: anyway here's what oil futures mean
That was the joke
This is super interesting but also entertaining. Well done!
I'd love to know how much money he made or lost in this crazy operation.
The company lost about $10 million. Their yearly income was only $12 million, but they were able to survive and recover. All things considered, it could have been much worse.
@@XIIchiron78 I actually thought he managed to make money because the market went up
@@krazus2036 The problem is, the price will then settle back down, and then when they try to sell it all the price will drop further, and it'll end up selling for less than they bought it
The person typing at 5:30 doesn't use their left pinky and it makes me uncomfortable
I only use it for the shift key.
Really fast typists (like above 100WPM) do use pinky, but for the average joe like me who mostly keeps till 90 WPM (Doesn't mean I can't go 113 WPM) only use the Pinky for Ctrl or Shift.
bro you're all so spoiled I can barely type with 4 fingers like imagine getting offended over someone missing a single one, there's not even that many keys or are they pressed that often that you'd experience any significant advantage from using all 10 fingers. what if you lost your right thumb today? you'd have way bigger things to worry about than typing, we use right opposable thumbs for literally anything in life but we don't quite need all 10 fingers to type unless we're the kind of person who writes long articles for a living.
@@TrigramThunder Maybe the person is a programmer or does a desk job. How does that make him a spoiled person?
@@thepotatoof4219 BC chances are, theyre not that. Keep your semantics sheep
He just explained the entire dividend market in 20 seconds. It took me a full year
Now I want a video about someone buy futures and actually ending up with a pile of stuff they don't want. Which I've actually read a story about in the past.
Last time I was this early oil cost money
O the fun that can be had from trading while black-out drunk.
Wallstreetbets and 4chan:
"Amutears."
Your segues to sponsors are the best in CZcams
“But why would I ever spend the time to explain future to you in a video that’s supposed to be fun?”
*LITERALLY 5 SECONDS LATER*
“So basically futures are…”
-Sam, like probably 2020
Just bought CuriosityStream and Nebula so happy!!!
That increase looking real small compared to now
0:27 I just can't seem to escape
am-m-m-m-mogus
If prices can changed by one person like this we have to change the system ffs
Suggestion learn the system before commenting about needing to change it.
its always that one person that can change everything, like Hitler for example... so whats your point ??
5:08 says: £72000
On screen: $72000
RIP
I got Curiosity Stream recently and am really surprised how good their content is, plus so much gets uploaded all the time.
Please do this again right now, but make it $1.50 cheaper instead
"69% of ALL TRADE"
STONKS !!!
"It had been a great weekend of hitting little balls into slightly bigger hole using weird, expensive sticks"
👏 ʕ•ﻌ•ʔ
@Rayan
Ikr? 😂
My grandpa called it cow pasture pool.
@@MatthewStinar why is a 27 foot long boat considered small? what would be considered a big boat? are there any boats over 3000 feet long? and if so, do they too have to dock normally in ports, risking tipping over and sinking down? or can they just unload their contents by smaller boats?
@@TrigramThunder I don't know the answer to any of these questions.
@@TrigramThunder The Commercial Yacht Code defines a large boat as 79ft long. There are no boats over 3k ft, as far as I'm aware. The longest ship I know of is the Seawise Giant, a Japanese oil tanker that's 1504 feet long. Massive boats do usually dock in special ports, or they might not dock at all during quick stops, because they displace too much water and many ports might be unable to accomodate them. As such, yes, small ships are used to transport people and things between the massive ship and shore. Tipping over is not a concern; space is (both in terms of width/length, and in terms of depth--shallow harbors cannot accomodate massive ships).
"Perkins was responsible for 69% of all trades in that period"
niiiice
Is there going to be a new season of extremities? I really like it and I have been a listener since the first season so I would hate it to see it end.
I remember hearing about this from my professor in my Microeconomics class 😂
2:05
Stock video: destroys CZcams compression algorithm
Slo mo guys: hey that's our job
Ugh, I hate it when I get drunk and accidentally raise oil prices by two dollars
0:27 get oUT OF MY HEAD
Hey Stephen, how about we take you on a golfing weekend, and give you an easy, well-paid job after.
All you have to do is raise the value of our oil and say you were drunk ;)
0:52 very fashionable footwear
3:30 when you animator searches for "fancy business stuff" on stock videos
"Fined £72,000 .." as the figure of $72,000 flashes up on screen.
Can you explain the mind of Elon Musk? Like he says his companies stock price is "too high" and now I've lost a couple hundred dollars.
I am happy, opportunity to buy
Oh yes, this sounds like that one time i played runescape drunk, staked one billion GP thinking i'd be 1 Bil richer to wake up with a nearly empty bank
I definitely needed to remember that
A new documentary about a remote island nation? That that mean a new Extremities series too?? I'm so excited :D
watching this while drunk is so fun
Somebody come geetim, he's raisin up da preeces.
I swear, half the reason I watch these vids is to hear how he segues into the sponsor at the end...
A question about oil futures. When someone buys the futures with the intention of actually receiving the oil, how is the payment timed? Does buying the future constitute the entire payment or is there a separate payment (with a predetermined price) at the time of settlement?
Buy the future is separate to the good, you're basically buying the rights to buy it at a set price on a set date.
1:17 A most excellent seal of approval for a most excellent beverage.
4:32 noice
Glad someone said it 😂
Script said 72,000 pounds, screen said “$72,000”
That bus joke really had me laughing pretty hard.
"Bingo Bango Bongo, I have my corn" 😂