What will Congress or senate vote on oil speculation at 11:00 ET?

Quote from AAAintheBeltway:

How can the US government regulate financial markets in London or Dubai? If the government tries to close down the US oil futures market, even more trading will go overseas.
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Good question. Lawmakers rarely ask such logical questions before passing sweeping legislation. Oil is a global market, so ultimately these gimmicks will have little long-term impact.

The only thing they are doing is trying to send the trade overseas for good. Why would I care where I trade the oil from anyway? It is just another line on my trading screen, whether it is in New York, Chicago or Dubai. I guess i better start getting ready for crude priced in Euros.
 
US regulators could eliminate all speculators from trading NY market... but that won't stop players from doing whatever they want overseas.

Sounds good, election year rhetoric and all..."outlaw speculators", but it's nothing but balloon juice.
 
Heh A test vote, passed with overwhelming majority of Democrats. Sweet Jesus you people fell for that?

"Alright, boys, hedge the fuck somewhere else while we whore for the Dem Convention."
 
Quote from Landis82:
The fact of the matter is that there is roughly $185 BILLION in managed futures and a ground swell of pension fund
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What we see now is likely (in part) big trend followers reducing or even reversing positions to short in commodities. Probably lots more to come, we'll see.
 
Quote from AAAintheBeltway:

How can the US government regulate financial markets in London or Dubai? If the government tries to close down the US oil futures market, even more trading will go overseas.
More...

I never said that it was about trading oil overseas . . . that would be incredibly naive. I said that the issue revolves around regulatory supervision of WTI.
 
Quote from Landis82:

I never said that it was about trading oil overseas . . . that would be incredibly naive. I said that the issue revolves around regulatory supervision of WTI.
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I understand your point about "regulate vs. not regulate WTI", but can't WTI be traded overseas too?

Even if not, the "world" price of oil determined on foreign exchanges would move WTI even if not traded there.
 
There isn't really any argument at all if you are a trader.

'The market go up - the market go down'

Trade both sides ... Fuck yeah!!
 
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