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Fantastic article on seekingalpha : "Goldman Sachs (GS), Morgan Stanley (MS), BP (BP), Total (TOT), Shell (RDS.A), Deutsche Bank (DB) and Societe Generale (SCGLY.PK) founded the Intercontinental Exchange (ICE) in 2000. ICE is an online commodities and futures marketplace. It is outside the US and operates free from the constraints of US laws. The exchange was set up to facilitate "dark pool" trading in the commodities markets. Billions of dollars are being placed on oil futures contracts at the ICE and the beauty of this scam is that they NEVER take delivery, per se. They just ratchet up the price with leveraged speculation using your TARP money. This year alone they ratcheted up the global cost of oil from $40 to $80 per barrel."
thanks for the interesting article. worth the read.
i didn't know the trade volume was so high on the ICE...while they're not artifically manipulating the prices directly, they are indirectly sending pricing signals to the market, which is still pretty shady...
I agree with drsatisfaction - the author makes a pretty big leap to claim that the oil price doubled on the back of this, although it doesn't sound like best practice to me either. Anyway I read offshore oil storage was decreasing fairly rapidly as of not long ago - can't remember where though, unfortunately.
If I said something intelligent, it was probably by accident. But click "kudos" anyway - it will make me happy.
Why on earth would you take delivery? If you have a consignment to be delivered with a future price fix, why the hell would you want to take delivery in zone 4?
This ignores that the vast majority of people never take delivery in forwards markets for anything. Corn, Coffee, Orange Juice, Pork Bellys - it is a hedge, not a fricking order and delivery system.
I read an interesting article in German that the current oil price down movement was set up by CIA controlled hedge funds to hurt the Russian economy that is heavily depended on a high oil price....So to say a new way to make war without soldiers.
I don't know if that is reality or just one more conspiracy theory but after the good economy report of the US government the oil price should have go up actually...What do you guys thin what is the reason for the down movement?