cbsnews.com - 1/12/2009
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(CBS) About the only economic break most Americans have gotten in the last six months has been the drastic drop in the price of oil, which has fallen even more precipitously than it rose. In a year's time, a commodity that was theoretically priced according to supply and demand doubled from $69 ...
ritholtz.com - 1/12/2009
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ritholtz.com —
Yesterday’s 60 Minutes had a story on Oil
Speculation. Its not that they said anything wrong, its...
more that they told 10% of the story of the rise and fall of energy prices. Surprisingly thin, it completely missed all of the many other factors ...
(more)
Oil Speculation ?
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60 Minutes: Speculators and Oil
Fund My Mutual Fund —
Speaking of you guys gambling in oil each week.... err, I mean trading oil in a very efficient random walk down Wall Street. Just keep repeating to yourself, regulation is evil as it prohibits financial innovation. ...
60 Minutes on Crude Oil Speculation
The Big Picture —
January 11, 2008 clip from 60 Minutes:
>
Source:
Did Speculation Fuel Oil Price Swings?
60 Minutes: Speculation Affected Oil Price Swings More Than Supply And Demand
CBS, Jan. 11, 2009
http://www.cbsnews.com/stories/2009/01/08/60minutes/main4707770.shtml ...
Oil Speculation ?
The Big Picture —
... is merely one aspect of what happened. 60 Minutes missed the other 59 elements . . .
>
Previously:
The Costanza Energy Policy: 25 Ways to Drive Oil to $150 (May 29th, 2008)
http://www.ritholtz.com/blog/2008/05/the-costanza-energy-policy-25-ways-to-drive-oil-to-150/
Clarifying CNBC Oil Comments (December 22nd, 200)
http://www.ritholtz.com/blog/2008/12/clarifying-cnbc-oil-comments/
Sources:
Did Speculation Fuel Oil Price Swings?
60 Minutes: Speculation Affected Oil ...
A sloppy 60 Minutes segment on oil prices
The Mess That Greenspan Made —
I happened to catch this 60 Minutes segment last night on the subject of the role speculation played in oil prices over the last year and kept waiting for them to tell something other than the ...
Commodity Bubble Bursts: Blame the Speculators, or Falling Demand?
Yahoo! Finance: Tech Ticker —
... , oil reversed sharply and approached $36 Tuesday morning before rebounding to close up 2.5% at $38.52 per barrel. The reasons behind oil's rise and fall remain a source of great discussion and interest. Over the weekend, a 60 Minutes story focused on the role of speculators in oil's spike last year. The piece probably received a warm welcome from viewers eager to blame Wall Street for all the world's evils. Wall Street certainly has its faults, but the 60 Minutes piece on oil "reflects a lack of understanding of how markets work, and the psychology of booms, bubbles and ...
The role of Speculation on oil prices
FinanceProfessor.com —
... Did Speculation Fuel Oil Price Swings?, 60 Minutes: Speculation Affected Oil Price Swings More Than Supply And Demand - CBS News: "'Approximately 60 to 70 percent of the oil contracts in the futures markets are now held by speculative entities. Not by companies that need oil, not by the airlines, not by the oil companies. But by investors that...don't actually take delivery of the oil." ...
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New Year, New Price Poll
theoildrum.com 1/2/2009 — Though the model of oil prices being a valid 'signal' of long term scarcity took a hit in 2008, many of our future trajectories do hinge on higher (or lower) oil prices. Here is the 2009 Poll on where oil futures prices will close 2009. There were 6 ...
OPEC Calls for Curbing Oil Speculation, Blames Funds (Update1)
bloomberg.com 1/28/2009 — Jan. 28 (Bloomberg) -- OPEC wants U.S. regulators to curtail oil trading by hedge funds and speculators who helped make last year the most volatile in crude oil markets. Abdalla el-Badri , secretary-general of the Organization of Petroleum Exporting ...
Crude Oil Rises on Speculation OPEC, Russia Will Coordinate Cut
bloomberg.com 12/10/2008 — Dec. 10 (Bloomberg) -- Crude oil rose on speculation that Russia may coordinate a production cut with OPEC next week to end the five-month slump in prices. Energy Minister Sergei Shmatko said Russia will announce proposals for reducing output by Dec. ...
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