Publications: Notes at the Margin

Oil ETFs and the Impact of Lifting Iranian Sanctions (April 6, 2015)


This Notes at the Margin covers two topics and provides, as usual, a summary market commentary. First, we discuss the impact of exchange-traded funds (ETFs) on oil markets, a subject prompted by an attack on us by John Hyland, Chief Financial Officer for the United States Oil Fund (USO). The gist of our take on ETFs is that, under current circumstances, they are no more than legalized Ponzi schemes. Regarding the Iranian issue, we think those who believe news of a agreed-upon framwork for the nuclear weapons agreement and the agreement itself will not affect oil prices immediately could be mistaken.


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