The volume of Light Crude Oil Futures (C078,CL,NYMEX)increased from 40 000 barrels/day in February to 400 000 bbl/d currently. Thats a 10-fold increase in 3 months. This can not be explained by expansion in drilling exploration, new oil fields or refinery capacity added, or even additional cars in China and India or the whole world for that matter. All oil tanks and oil tankers on the ocean are full to the brim in the belief that the stuff will sell for more next month. The increase in volume traded on the NYMEX is the same barrels' papers being sold from Peter to Paul, many times, while the stuff remains in a tanker in the gulf. If this is not speculative I don't know what is.
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