Traders Blamed for Oil Spike
Ianthe Jeanne Dugan and Alistair Macdonald at The Wall Street Journal
The Commodity Futures Trading Commission plans to issue a report next month suggesting speculators played a significant role in driving wild swings in oil prices — a reversal of an earlier CFTC position that augurs intensifying scrutiny on investors.
In a contentious report last year, the main U.S. futures-market regulator pinned oil-price swings primarily on supply and demand. But that analysis was based on “deeply flawed data,” Bart Chilton, one of four CFTC commissioners, said in an interview Monday.
Matt Taibbi pointed this out in his infamous Rolling Stone article about Goldman Sachs.
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mydiagonallife reblogged this from soupsoup and added:
I may be completely ignorant here, but wouldn’t the speculators have lost all their money when the oil prices crashed?...
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