Bloomberg (gated) shone a light onto a USD7.5mn option trade profit.
- As part of the US debt ceiling deal, one concession that made it into the bill was the approval of the Mountain Valley Pipeline, a pet project of West Virginia Sen. Joe Manchin that had been stuck in Congress.The project (in a nutshell) got approval as part of the debt limit agreement that passed Congress last week.
The reports says:
- there was no public reason to believe that the pipeline was in the deal at all, which makes the actions of one mystery trader somewhat suspicious, according to a Bloomberg analysis of trading data
- From the looks of it, the bet earned the trader $7.5 million as of last Friday
While Bloomberg is gated there is an ungated piece here for more.
Insider trading is the suspicion.