RV Fuel Issues & Prices - Post 'Em Here!
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For you "supply and demand "folks here's some more fodder:
Thu Aug 07, 2008 at 02:45:34 PM PDT
A recent data revision by the Commodities Futures Trading Commission has revised upward--by nearly 25%--the the total number of oil futures contracts thought to be held by speculators. According to the CFTC, as of July 15, speculators controlled 48% of the crude oil futures markets rather than the 38% they previously reported. The change appears to be the result of the reclassification of a single investor
In reclassifying investments from commercial hedging positions to noncommercial speculative positions, the CFTC has said little about the reasons behind the shift. But the real surprise in the new numbers is that only one investor was reclassified--meaning that it appears that a single investor controlled 460 million barrels in market positions, or fully 10% of the market. CFTC officials are not saying who that single investor is, but the recent fall in oil prices coincides fairly closely with the collapse of SemGroup LP, an energy trader which filed for bankruptcy on July 22 after losing billions in oil futures and derivatives investments
I have read other items that point to the Semgroup Bankruptcy. They lost $2.4 BILLION.
Looks like the market for oil is easily manipulated.
Thu Aug 07, 2008 at 02:45:34 PM PDT
A recent data revision by the Commodities Futures Trading Commission has revised upward--by nearly 25%--the the total number of oil futures contracts thought to be held by speculators. According to the CFTC, as of July 15, speculators controlled 48% of the crude oil futures markets rather than the 38% they previously reported. The change appears to be the result of the reclassification of a single investor
In reclassifying investments from commercial hedging positions to noncommercial speculative positions, the CFTC has said little about the reasons behind the shift. But the real surprise in the new numbers is that only one investor was reclassified--meaning that it appears that a single investor controlled 460 million barrels in market positions, or fully 10% of the market. CFTC officials are not saying who that single investor is, but the recent fall in oil prices coincides fairly closely with the collapse of SemGroup LP, an energy trader which filed for bankruptcy on July 22 after losing billions in oil futures and derivatives investments
I have read other items that point to the Semgroup Bankruptcy. They lost $2.4 BILLION.
Looks like the market for oil is easily manipulated.
