Publications: Notes at the Margin

Futures Markets: The Uncontrolled Price Stabilizer (February 20, 2017)


Those who follow the oil market obsess—yes, obsess—over changes in the positions of money managers in commodity futures. Those writing on the subject for investment banks or their clients also obsess—yes, obsess—over the actions of OPEC nations regarding production. In doing so, they have missed the real market action. For some reason, few have bothered to connect the dots. If asked, most would assert that futures markets have little influence on the "real oil market." This view is wrong. Today, futures are the real oil market. This report explains how this is true and the oil market implications.


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