The Global Oil Scam: 50 Times Bigger than Madoff [View article]
Re: Mark Anthony's responses.
Most crude oil sold by producers is transacted outside the futures market, but those sales are priced in accordance with the futures market. (Saudi Arabia, Russia, Kuwait e.g., sell directly to refiners and distributors) But If you can manipulate the futures market, you can price the actual commodity. The NYMEX or ICE can be a tremendous lever in this way.
The Global Oil Scam: 50 Times Bigger than Madoff [View article]
Most crude oil sold by producers is transacted outside the futures market, but those sales are priced in accordance with the futures market. (Saudi Arabia, Russia, Kuwait e.g., sell directly to refiners and distributors) But If you can manipulate the futures market, you can price the actual commodity. The NYMEX or ICE can be a tremendous lever in this way.