Speculators in 'hibernation'

03/05/2012
US House Minority Leader Nancy Pelosi called for Congressional action against speculators in the futures market, blaming them for the run-up in oil prices and cost of gasoline at the pump. But the Centre for Global Energy Studies, London, recently reported, "Speculators in the oil market seem to be in hibernation, for our index of speculation intensity has been declining since the beginning of October and is now at its lowest point since early June." Speculators must have long futures positions "at least to the extent required to cover the hedgers' net short positions" in the market, CGES analysts said. "Therefore, when the speculators are increasing their short p...
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