CNBC's Kate Kelly shines some light on the flash from yesterday, about the SEC looking into trading of BP securites.

KATE KELLY: ...WHAT I UNDERSTAND FROM PEOPLE FAMILIAR WITH THE MATTER, IS THAT THERE MAY HAVE BEEN SOME FUNKY TRADING THAT WENT ON IN BP SHARES BETWEEN APRIL 20th, WHEN THE EXPLOSION AND THE LEAK INITIALLY OCCURRED, AND LATE JUNE WHEN THEY WERE DEEPLY ENGAGED IN CLEAN-UP EFFORTS AND THERE WAS A LOT OF SPECULATION AT THE TIME ABOUT WHETHER CLEAN-UP EFFORTS LIKE THE TOP KILL, FOR INSTANCE, WERE GOING TO BE SUCCESSFUL OR NOT. THE QUESTION IS WERE THIRD PARTIES SUCH AS HEDGE FUNDS TRADING IN A WAY THAT INDICATED THEY HAD INSIDE INFORMATION ABOUT THE SUCCESS OR FAILURE OF THESE EFFORTS? THAT'S SOMETHING THE SEC IS FOCUSSING ON.