Originally Posted by John from Canada
You're just babbling Leonard. I have already pointed out that the vast majority of futures contracts are speculative. Due in part to the fact that only a small amount of oil is actually traded in these markets.
Nonsense. The point of having a benchmark is to account for variations in quality and processing costs in oil from different regions. The problem with trading only a few preferred grades of oil is that it creates a shortage where none exists.
The difference between us is that I come with facts and you come with conjecture. Cite your sources. Provide some data.
Otherwise, you're just another religious fanatic.