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The global oil scam

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CEO
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The global oil scam [#permalink]

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New post 15 Nov 2009, 09:37
http://seekingalpha.com/article/172797- ... ostpopular

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."

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Re: The global oil scam [#permalink]

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New post 01 Dec 2009, 11:46
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...
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Re: The global oil scam [#permalink]

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New post 09 Feb 2010, 07:43
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.
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Re: The global oil scam [#permalink]

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New post 09 Jul 2010, 07:09
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.
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Re: The global oil scam [#permalink]

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New post 15 Sep 2011, 23:06
thanks for the interesting article. worth the read.

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Re: The global oil scam [#permalink]

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New post 09 Nov 2014, 02:01
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?

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Re: The global oil scam [#permalink]

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New post 26 Nov 2017, 09:19
thanks for the interesting article.
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Re: The global oil scam [#permalink]

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New post 30 Nov 2017, 09:32
It is not quite new...
there are futures on oil on US exchanges too.
You will be surprised, but out of the total number of transactions, less than 1% of them end in the delivery of the product.

What is more interesting now in the oil business, the development of blockchain technology by the major players such as BP, Shell, Gunvor, Trafigura, Mercuria, and some top European banks such as SocGen and ING.
https://www.reuters.com/article/us-ener ... SKBN1D612I
https://www.ft.com/content/e088e0b6-131 ... e417ee6c76
https://www.trafigura.com/news/natixisc ... rket/21324

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Re: The global oil scam   [#permalink] 30 Nov 2017, 09:32
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