Would you like to start a free subscription?
Remember me | Forgot password
For full content view: Log in Now!
The Wall Street Journal ran an article in early July that touched off a firestorm of contention, especially among folks that would normally treat anything in the WSJ as gospel. The article was a simple analysis of the change in the number of futures market speculators versus non-speculators. The conclusion was that in 2000, 37% of traders were speculators, and 63% were non-speculators (physical commodity hedgers). By 2008, speculators comprised 71% of the market. They used the US’s CFTC data, but with a reclassification of the number of swaps traders, as per a congressional subcommittee.
The CFTC-the commodities watchdog-said that this probably wasn’t correct, but that they were still working on the measurement problem and might make some changes. At issue is the definition of speculators (defined as Non-commercial by the CFTC) versus non-speculators (defined as Commercial). Almost all Index Speculators now use a vehicle called “swaps,” which allows a speculator to bypass CFTC’s position size limits.
This area of the site is restricted.
In order to gain access, please either Log
In, or subscribe to World Oil.
Two options are available to you for creating an account.
1. Get a Free Trial Subscription to World Oil Magazine and gain immediate access to select content on World Oil Online.
Start a Free Trial Subscription and gain immediate access to the complete current issue of World Oil Magazine. Plus, you’ll receive 3 upcoming issues of World Oil Magazine in print or digital format.* You also receive access to the Energy Events Calendar, Industry Statistics and WO Wire’s news and industry coverage.
2. Purchase a subscription to World Oil magazine and gain immediate
and complete access to World Oil Online. As a Total Access subscriber
you will have access to all areas of the site available to registered users and
free subscribers as well as having access to such premium content areas as:
Physical copies of this content may be available for purchase. Visit the Reprints & Back Issues section.
If you are already a paid subscriber and do not have access, please email CustomerService@worldoil.com.
World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.
Houston, TX - November 4-5
The Woodlands, TX - November 17-17
Houston, TX - November 18-18
All material subject to strictly enforced copyright laws.
© 2014 World Oil. © 2014 Gulf Publishing Company.