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Keyword: diversionfromfacts

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  • A few speculators dominate vast oil market

    08/21/2008 9:51:15 AM PDT · by MichaelP · 23 replies · 95+ views
    WashingtonPost.com ^ | Aug. 20, 2008 | David Cho
    A few speculators dominate vast oil market Regulators: Swiss energy firm holds 11 percent of contracts on NYMEX 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...