Posted by LAA on January 08, 2015 at 16:59:59 from (86.51.147.113):
In Reply to: oil speculators posted by Spook on January 08, 2015 at 14:21:30:
The oil market was, is and has always been driven by supply and demand, the current lower price is nothing surprising and was not only predicted but was inevitable. The US drilling boom, along with the uptick in activity in many parts of the world substantially increased the supply, that fact, coupled with the decrease in demand due to a weak international economy resulted in the current lower price which is headed lower. The economies of most of europe, asia minor and the baltics are in shambles, the middle east, far east and north african economies are headed downhill on a roller skate, the only real growth in the US economy for the past 6 years has been driven by the energy sector, ironically, the full benefit to the US economy of cheaper oil may not be realized due to repressive corporate tax rates. As for speculators, no commodity market can survive without them, they set the market and then supply and demand takes over, grain elevators, livestock auctions, cotton warehouses, along with buyers, sellers and brokers of everything under the sun all use futures markets to stage their set in prices and the free market does the rest. We need a lot more people willing to risk their capital to make a buck, not less. The backlash against speculators on this forum always surprises me because there are many people on here who feed cattle or hogs, buy and sell equipment, raise and sell crops etc., speculators, one and all.
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