Warren presses CFTC over halted probe into oil trades before Trump's Iran reversal
Bloomberg reported that a senior CFTC adviser stopped analysts from filing a referral on suspicious oil and equity trades placed minutes before Trump backed off Iran strikes in March. Sen. Elizabeth Warren wants the CFTC's leaders to testify, and the CFTC says its enforcement division is still examining the trading.
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The story, neutrally told
Centre · 1Bloomberg reported that a senior official at the US Commodity Futures Trading Commission (CFTC) intervened to stop career analysts from formally reporting suspected insider trading in crude oil markets just before President Donald Trump cancelled planned military strikes on Iran in March. Anadolu AgencyN “intervened to halt career analysts from formally reporting suspected insider trading in crude oil markets immediately before US President Donald Trump cancelled planned military strikes on Iran in March” Read at Anadolu Agency ↗ Centre · 1The trades in question came in pre-dawn trading on March 23, when traders sold contracts equal to at least 6 million barrels of crude oil, more than 8.5 times the typical volume, along with more than $2 billion in S&P 500 futures within two minutes. Anadolu AgencyN “traders abruptly offloaded contracts equivalent to at least 6 million barrels of crude oil, more than 8.5 times the typical volume, alongside more than $2 billion in S&P 500 futures within two minutes” Read at Anadolu Agency ↗ Centre · 1About 15 minutes later Trump announced on Truth Social that he was reversing threats to strike Iranian energy plants; Brent crude fell by as much as 14% and equities rose. Anadolu AgencyN “Trump announced on his social media platform Truth Social that he was reversing threats to strike Iranian energy plants, sending Brent crude tumbling by up to 14% while equities surged” Read at Anadolu Agency ↗
Centre · 1According to the report, analysts in the CFTC's Division of Market Oversight submitted a formal enforcement referral after identifying participants, but Mel Gunewardena, senior advisor to Trump-appointed Chairman Michael Selig, reportedly ordered a supervisor to retract it and froze career staff out of the inquiry. Anadolu AgencyN “Mel Gunewardena, senior advisor to Trump-appointed Chairman Michael Selig, reportedly ordered the supervisor to retract the document and froze career staff out of the inquiry” Read at Anadolu Agency ↗ Centre · 1A commission official told Bloomberg that the original findings were US-focused and that leadership decided the agency needed a broader international review covering futures, swaps and over-the-counter activity instead of the initial referral. The official said the enforcement division is continuing to examine trading, focusing on March 23. Anadolu AgencyN “leadership subsequently determined the agency needed a more comprehensive international market review covering futures, swaps, and over-the-counter activity instead of the initial referral”“the commission's enforcement division is continuing to examine trading activities, focusing specifically on March 23” Read at Anadolu Agency ↗ Centre · 1Democratic Sen. Elizabeth Warren demanded that Selig and Gunewardena testify before Congress over the allegations that they derailed staff work, and Anadolu reports that the US Department of Justice has opened a parallel inquiry. Anadolu AgencyN “Democratic US Sen. Elizabeth Warren demanded that Selig and Gunewardena testify before Congress over allegations of derailing staff work, while the US Department of Justice has opened a parallel inquiry.” Read at Anadolu Agency ↗
Left · 1Raw Story's account of the Bloomberg report says the senior adviser ordered staff to pull back a referral that could have triggered a full investigation, after regulators had opened a preliminary review. It describes the trades as bets that oil would fall and stocks would rise. Raw StoryL “a senior adviser to the Trump-appointed chairman of the Commodity Futures Trading Commission ordered staff to pull back a referral that could have triggered a full investigation”“traders placed billions of dollars' worth of contracts betting oil prices would drop and the stock market would climb” Read at Raw Story ↗ Left · 1Economics columnist Catherine Rampell argued in The Bulwark that, if the trades were driven by inside knowledge, "it would not be a victimless crime", because others took the losing side of each bet. She said such apparent wrongdoing is "one of the defining characteristics of the Trump era" and cited AP-NORC polling in which three-quarters of Americans said Trump has put his own financial interests and those of people close to him first. These are her opinions, and no wrongdoing has been established in the coverage. Raw StoryL “it would not be a victimless crime”“three-quarters of Americans believe Trump has put his own financial interests and those of people close to him first since returning to office” Read at Raw Story ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left1 outlet
- Framing
- Opinion-driven piece that uses the Bloomberg report as one example of a wider pattern of Trump allies profiting at the public's expense.
- Emphasis
- Victims of the trades, Trump-era self-dealing, polling on Trump putting his own financial interests first, and SNAP cuts.
- Leaves out or plays down
- Does not mention the CFTC official's explanation for the withdrawn referral, the continuing enforcement review, Warren's demand, or the DOJ inquiry.
- Charged language
- “beet-red flags”“cronies”“robbing the poor to feed the rich”
Centre1 outlet
- Framing
- Straight news summary of the Bloomberg report, with Warren's demand for testimony and the CFTC's response.
- Emphasis
- Trade volumes and timing, the retracted referral, the commission's explanation, Warren's demand and the DOJ inquiry.
- Leaves out or plays down
- Offers no analysis of broader patterns or of who may have traded.
- For example
-
“A commission official told Blooberg that the original findings were US focused” — Anadolu Agency
“the US Department of Justice has opened a parallel inquiry” — Anadolu Agency
Right0 outlets
No right outlet in our sources has covered this story yet.
What every side reports
- Traders placed large oil and stock-market bets roughly 15 minutes before Trump announced in March that he was backing off threats against Iran.
- Bloomberg reported that a senior adviser to CFTC Chairman Michael Selig ordered a referral on the trades pulled back.
- The trades were followed by a drop in oil prices and a rise in equities.
Where accounts differ
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Why the referral was withdrawn
- Left
- Raw Story, relaying columnist Rampell, presents it as officials ignoring red flags and protecting Trump allies, though it labels the profiting as apparent.
- Centre
- Anadolu reports an unnamed commission official's explanation that leadership wanted a broader international review, and that the enforcement division is still examining March 23, alongside allegations that career staff were blocked.
Elizabeth Warren person
Demands that CFTC Chairman Michael Selig and adviser Mel Gunewardena testify before Congress over allegations of derailing staff work.
“demanded that Selig and Gunewardena testify before Congress over allegations of derailing staff work” — Anadolu Agency
Commodity Futures Trading Commission organisation
An unnamed commission official said leadership wanted a broader international review instead of the US-focused referral and that the enforcement division continues to examine March 23 trading.
“the commission's enforcement division is continuing to examine trading activities, focusing specifically on March 23” — Anadolu Agency
Catherine Rampell person
Argues that Trump appointees ignored warning signs and that insider trading would harm ordinary investors, part of a pattern she sees in the Trump era.
“one of the defining characteristics of the Trump era” — Raw Story
Left1 article
-
Raw StoryL · · Opinion
Trump officials ignored ‘beet-red flags’ as cronies stole from everyday savers: analyst
Critical Opinion-based piece treating the CFTC episode as evidence of Trump-era self-dealing.
Centre1 article
-
US market regulator appointee halted probe into oil trading ahead of Iran strike reversal: Report
Neutral Wire-style news report relaying Bloomberg's findings, the CFTC's response and Warren's demand.
Right0 articles
No coverage yet.
- 14 Oct 09:40 First Anadolu AgencyN US market regulator appointee halted probe into oil trading ahead of Iran strike reversal: Report
- 16 Oct 03:20 +41h 40m Raw StoryL Trump officials ignored ‘beet-red flags’ as cronies stole from everyday savers: analyst Opinion
Times are when each article was published, or when we first saw it if the outlet gave no time.
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