Word: short
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Dates: during 2000-2009
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SemGroup was short oil. Massively. That is, it had bet that the price was going down by contracting to sell millions of barrels of oil it did not own at a future date, on the assumption that the price would fall and SemGroup could supply the barrels at a lower price and pocket the difference. Three days after oil peaked, as it still threatened new all-time highs, the New York Mercantile Exchange (NYMEX) called margin on SemGroup, forcing the firm to put up more cash collateral to back its losing positions. Unable to raise the capital, SemGroup sold...
Given that SemGroup lost that much money as oil prices soared, it must have amassed a short position of at least 100 million bbl. of crude - that's about five times what the U.S. has on hand at any given moment. Had SemGroup bought back the oil on the open market, oil prices would have continued to skyrocket, feeding off the frenzy. Fortunately for consumers, Barclays was ready to assume SemGroup's position...
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Change has come to America. In just a few short weeks, we will cast out the administration that has brought economic, military, and personal ruin to this country and welcome a vision of hope, our first black president, into the White House...