msg

The Oil Scam Driving Crude Over $80

This gentleman has no concept at all of the function or purpose of physical commodities markets. Does he understand consumers and suppliers hedge in the futures markets with no intention of ever taking physical delivery?

Wow, he predicted that open interest in the delivery month is going to go down and rolled to deferred months! Amazing!

Market participants roll from the delivery month to the second month in EVERY futures market, from bonds to beans to euros, thereby transferring open interest to a contract not subject to delivery.

To equate open interest with "orders to be delivered", and a reduction in open interest as "canceled orders" is ludicrous.

Please, take a basic commodities course offered by any futures exchange, or speak with a 1st year staffer at the CFTC and you will realize how ridiculous this treatise sounds.