Monday, Sep 22, 2008
Maybe it is some FELLA living under a ROCK!
Bloomberg: U.S. Commodity Regulator `Closely Monitoring' Nymex Oil Prices
The Commodity Futures Trading Commission is ``closely monitoring today's large movement in the price of crude oil'' on the New York Mercantile Exchange, the agency's acting chairman said.
Posted by stevie dee @ 10:35 PM (191 views) Add Comment
1 Comment
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1. Kruador said...
Well so they damn well should! It's been blatantly obvious for ages that oil price movements have nothing to do with actual demand for oil or capability of supply, but instead reflect the availability of credit to hedge funds, investment banks and general market sentiment.
I'm hoping that the current climb is another short-term bear trap - to be honest, the last couple of weeks' movements have been a bit too low, too fast for a normal bubble shake-out.
It will be interesting to see what happens when the next US Federal Highway Administration "Traffic Volume Trends" report comes out, showing road miles travelled in July.