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Wondering about those crude oil prices?
From: David Farber <dave () farber net>
Date: Sat, 23 Aug 2008 13:00:42 -0400



Begin forwarded message:

From: dewayne () warpspeed com (Dewayne Hendricks)
Date: August 23, 2008 12:10:31 PM EDT
To: Dewayne-Net Technology List <xyzzy () warpspeed com>
Subject: [Dewayne-Net] Wondering about those crude oil prices?

[Note:  This item comes from reader Randall.  DLH]

From: Randall Webmail <rvh40 () insightbb com>
Date: August 21, 2008 7:40:59 PM PDT
To: dewayne () warpspeed com, johnmacsgroup () yahoogroups com
Subject: Wondering about those crude oil prices?

A Few Speculators Dominate Vast Market for Oil Trading 21 Aug 2008 Regulators had long classified a private Swiss energy conglomerate called Vitol as a trader that primarily helped industrial firms that needed oil to run their businesses. But when the Commodity Futures Trading Commission examined Vitol's books last month, it found that the firm was in fact more of a speculator, holding oil contracts as a profit-making investment rather than a means of lining up the actual delivery of fuel. Even more surprising to the commodities markets was the massive size of Vitol's portfolio -- at one point in July, the firm held 11 percent of all the oil contracts on the regulated New York Mercantile Exchange. The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators.

<http://www.washingtonpost.com/wp-dyn/content/article/2008/08/20/AR2008082003898.html >
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