Publications: Notes at the Margin

Why Commodity Markets Matter to Oil Consumers (February 17, 2014)


This week's report focuses on four disparate but related stories from The Wall Street Journal, the IEA's Oil Market Report, and The Economist. These four articles are tied together by a letter submitted to the Commodity Futures Trading Commission by the International Swaps and Derivatives Association (ISDA) and the Securities Industry and Financial Markets Association (SIFMA). The letter commented on the CFTC's proposed position limits for futures and swap traders. It includes an attachment written by Philip Verleger that details the linkage between the surge in US oil production and oil and gas company use of financial markets. As this issue of Notes discusses, the anti-trader attitude of the CFTC and politicians today could reverse many of the gains achieved by US energy producers in coming months and result in an unexpected shortfall in production.


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