As I have always maintained, commodity speculators (index funds etc) drive the underlying commodities markets today wiithout any regard to fundamentals. The CFTC now looks totally naive/embarrassed, because they either did not know or if they did, did not want to limit/curb the markets which they oversee.
A Few Speculators Dominate Vast Market for Oil Trading
By David [...]
Speculation in the commodities futures markets – Vitol
August 23rd, 2008 · 3 Comments · Energy, Markets
Tags: CFTC·crude·speculation·vitol