At the end of December, after international crude oil futures prices broke through $99 a barrel, Yi Anguo decisively closed out his positions.
He started going long when international crude oil futures were at $70 a barrel and held until they reached $99, a total increase of $29. The first purchase of 50,000 contracts yielded $50 million for every dollar increase, netting a profit of $1.45 billion.
The second purchase of 50,000 contracts, made when the price was $75 a barrel, earned a profit of $1.2 billion.
The third purchase of 50,000 contracts, made at $80 a barrel, earned a profit of $950 million.
The fourth purchase of 50,000 contracts, made at $85 a barrel, earned a profit of $700 million.
The fifth purchase of 50,000 contracts, made at $90 a barrel, earned a profit of $450 million.
The sixth purchase of 50,000 contracts, made when the price was $94 a barrel, earned a profit of $250 million.
