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Oil Price - The Need to Put the Cop Back on the Beat

Great write up. I'm a bit new to the commodities markets, so excuse me for asking a simple question: If the market was full of speculation, hedge funds & co buying futures contracts, shouldn't the spot market be flooded with speculators rolling their contracts or selling? The only people buying at spot should be energy companies and the like, so shouldn't prices be much lower there if this were true?