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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: kormac who wrote (102184)	6/11/2008 11:22:11 AM
From: kormac	of 206087

An interesting article in the most recent O&GJ on speculation in the oil and NG markets. Ronald D. Ripple from Macquarie University in Australia compares last year to this year and finds only marginal support that oil prices have increased as a result of speculation. His graphs show a marked increase in contracts starting in 2002, but not over the last year when oil prices doubled. He points out that statement such as "volumes traded each day are estimated to be over 12 times the actual physical volume consumed" to be meaningless, for the volumes traded constitute contracts maturing over the next 3130 days, rather than the daily consumption. Article is available to subscribers at: ogj.com best, Kormac

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