Can We Shut Down Oil Speculation Instead?

Comment on the September 29 prediction:  No hike the first week of October, as predicted.  CORRECT.

Monday, October 14, 2013:  7:30PM:  We had a price hike last Monday, and another one this Monday, with a new price of $3.59.  I didn’t predict these (color me WRONG) because the NYMEX numbers I am using right now (to estimate the price to retailers) have been eerily steady since mid-September.  To give you some value on the blog, here’s a link to an article I read last week interviewing Dan Dicker, a veteran oil trader.  The interview backs up what we have been writing for years, how energy prices have been hijacked by traders and speculators.  Sample quote:  “Now, the growth in volume [of trading energy futures] … is the growth of those players who have absolutely zero physical interest in oil; they don’t care how it is used. … WTI [West Texas Intermediate oil price] has lost entirely its connection with global crude oil.”

Posted in Commentary, Predictions
10 comments on “Can We Shut Down Oil Speculation Instead?
  1. Turbo46032 says:

    One could remove speculation from the market tomorrow and the Speedway states will continue to spike their way into eternity. Speculators do create a more volatile market (ironically, the very thing that futures markets were supposed to prevent) and Speedway latches on to the temporary ups and downs of crude on many occasions, but speculation impacts all states while Speedway shines its light in only a handful…

  2. ChrisDG74 says:

    “Speculators do create a more volatile market (ironically, the very thing that futures markets were supposed to prevent)”

    Problem is, Goldman and JPM are the top 2 speculators in the world right now. They won’t allow CONgress to change the current laws.

  3. Mike - Kalamazoo says:

    I just returned from a visit to Georgia and returned to Michigan by swinging through quite a few southern states. The highest I paid for gas was 3.16 once I got south of Indy. In fact the day I got the alert on my Gas Buddy app that the price in Kalamazoo was going to 3.49, gas in Arkansas went down 2 cents to 3.06. There is just something wrong here. Greed will be the downfall our this country.

  4. Norm says:

    Like Wal Mart, Meijer, and some other big box retailers that have put all the mom and pop stores out of business, Speedway/Marathon pretty well has a monopoly in five states. They are doing their best to drive the independent retailers out of business.

  5. Turbo46032 says:

    Anyone wants to bet that with crude down to $99 or so and no pending Armageddons we will still see a spike in the next week or so, if crude makes a moderate comeback to $100-101?

  6. ChrisDG74 says:

    Spot under $2.40, retail in Ohio at $3.30.
    Thanks Greedway!!1

  7. Mike - Kalamazoo says:

    Yep, their prices are going down like a rock, bet it’s time for one of “those” refinery problems to show up…

  8. Scott says:

    The lower prices nationwide are making national news–just the impetus Greedway needs to put a vacuum-cleaner nozzle in our wallets, and for the rest of the stations to have to follow suit.

  9. ChrisDG74 says:

    So, THAT’s what that loud, sucking sound is……

  10. Sam says:

    Just saw that gas at Sam’s Club on Alpine in Grand Rapids is $3.11 – with your membership card, naturally.

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