Tuesday Top Off, The Oil Scam Continues |
| Published: October 9, 2007, 11:28 pm |
| Tags: uncategorized, txnjg, rulvl, cofao, snejj, amqaz, tsovj, syxld, gopaq, xbakh, sciau, jpmjw, nemji, ibmjc, ktqku, cyqkt, qqqvz, rulvb, xomvr, rulku, eduam |
|
Mr. Sparkle has been keeping an excellent chart tracking the "open interest" over at the NYMEX. This is a great illustration of what total BS the "demand" for crude is as month after month, traders feign an interest in 360M to 400M, drive prices to a frenzy, and then quietly dump all but 40M of those barrels - canceling contracts so that America will once again be shorted. This week marks that time of the month when the front-month contract, having been pumped up to irrational levels, gets too close to expiration, when the oil buyers may actually have to buy the oil! So what do they do, they use the ridiculous NYMEX rules that make it virtually free to "roll" their barrels to the next month, enabling them to pretend that they now want 360M December barrels of oil, EVEN WHILE THEY ARE DUMPING 320M barrels of November crude like it was toxic waste! Crude pricing is based on the "front-month" contract. The November [ Full article ] |
 Blog link
|
No Comments...