Proof that oil price rises due to speculation

He has no idea what he's talking about.

Seriously, none.

He is simply pandering to the tin foil crowd, which is about all the audience he can muster these days.
 
Each crude oil futures contract has a buyer and a seller.

If the buyers are speculators, who are the sellers? Somebody is selling futures contracts to speculators, but who is stupid enough to do so? Thanks to the media, everybody knows the price of oil will rise (because of speculators). Yet the selling persists. Amazing.
 
How does one differentiate between a (demonic) speculator and someone who has a "legitimate" reason to buy an oil futures contract?
 
Interesting article. But what I didn't get was the importance of 125 million stored on tankers. Maybe it was a typo or a misprint or I mis read it.

Unless I'm missing something, how would 125 million make a difference?
 
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