Oil Trading Choppy — on Horses?

NEW YORK (Reuters) – Many traders who bet on the future of energy prices on the New York Mercantile Exchange fled Friday for another type of betting, horse racing at the Kentucky Derby.

The migration of risk-takers to Louisville, home of Churchill Downs where the Derby is held, was blamed Friday for thinner trading volumes and volatile activity on the NYMEX, where oil prices briefly burst more than $1 higher, breaking $52 a barrel despite a dearth of fundamental news.

At least two private jets fly the traders to Kentucky for a day of mint juleps — a bourbon-based drink rarely tasted in the United States outside of Kentucky Derby Saturdays — and horse betting.

CNN Money