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Uncategorized — Tony Spann @ 4:05 pm
Reporting by brokers, trading houses, bank holding companies on all positions held directly or indirectly by themselves or their overseas subsidiaries and affiliates of all oil and petroleum product trades on both domestic exchanges and exchanges offshore such as London, Hong Kong, Dubai, Singapore, where voluminous oil contracts are negotiated. Until a level of reciprocal transparency is achieved, examining the impact of arbitrage strategies of domestic traders on the price of oil and oil products traded on offshore exchanges and how their distortive pricing impact on the domestic market can best be neutralized. Given the turbulent and irrational movement in oil prices in the past few years, the appointment of a government task force has become essential to determine whether oil prices as currently constituted are truly an unfettered response to market forces, or an endgame of far more devious and malign pricing strategies to maximize illegally, even criminally, the profits accruing to oil producers at the expense of the public’s well being. Given the CFTC’s mandate as the government agency charged with assuring a level playing field in the world of commodity trading and particularly that of oil and oil products, they would be doing the nation, the economy, and the nation’s consumers a singularly significant service by spearheading and convening such a Task Force. read more
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