It's the speculators!!! (yup, oil again)

With the energy markets in such flux, I have invested our every penny in whale oil futures. I await word from New Bedford.

 

Folks - the price of USO today $ 59.37 - hope y'all did not take Ragu's advise. Price when he put his "Buy" recommendation in $115.

 

Oh, great. WHAT THE HELL AM I SUPPOSED TO DO WITH ALL THIS OIL??

 

Given the results, I think I'd have to put more faith in Boom's alternative weeklys than whatever sources you were relying on. The only question that really matters at this point is who ended up being right.

 

Once again you show that you don't know what you are talking about.

The Enron Loophole exempted the energy markets from CFTC regulation:

The "Enron loophole" exempts most over-the-counter energy trades and trading on electronic energy commodity markets from government regulation.[1] The "loophole" is so-called as it was drafted by Enron Corporation lobbyists working with U.S. Senator Phil Gramm to create a deregulated market for their experimental "Enron On-line" initiative.[2]

The "loophole" was enacted in sections (h)(3) and (g) of the Commodity Exchange Act, 7 U.S.C. as a result of the Commodity Futures Modernization Act of 2000, signed by U.S. president Bill Clinton on December 21, 2000.[1] It allowed for the creation, for U.S. exchanges, of a new kind of derivative security, the single-stock future, which had been prohibited since 1982 under the Shad-Johnson Accord, a jurisdictional pact between John S.R. Shad, then chairman of the U.S. Securities and Exchange Commission, and Phil Johnson, then chairman of the Commodity Futures Trading Commission.



In July Congress closed this loophole and new law that regulates Energy Markets went into effect on 9/30. Perhaps this regulation is already having an effect on prices.

More likely though is that some of the major players like Morgan Stanley are having credit problems and are not as active in the oil futures market as they were in the spring.

 

I have staked our fortunes shorting ambergris on the Nantucket markets. Will I make a success?

 

Not if Obama gets elected. He is a big supporter of Save the Whales. The market will be oversupplied and prices will tank.

 

Woe! We are ruined! Had I but followed father into the steady trade of the cod markets! Fish liver oil! A treasure of stability for any family!

 

Omega 2 should be part of everyones diet.

 

My greed has brought me low! I am inconsolable!