Oil for Dummies – "The Role of the Market Speculation in Rising Oil and Gas Prices, Senate Staff Report"

Este excelente relatório do Senado dos EUA explica o porquê do elevadissimo preço do barril de crude, e nada tem a ver com as leis de oferta e procura, aliás as reservas dos EUA nunca estiveram tão altas e só o DOD – departamento de defesa dos EUA – gasta num dia o equivalente à Suécia toda.

Chamo a atenção especialmente para o ponto 4.

The Role of the Market Speculation in Rising Oil and Gas Prices, Senate Staff Report

Published June 27, 2006

The U.S. Senate’s Permanent Subcommittee on Investigations conducted an investigation of market speculation and oil/gas prices. They reported the following findings and recommendations:

“A. Findings

1. Rise in Speculation. Over the past few years speculators have expended tens of billions of dollars in U.S. energy commodity
markets.

2. Speculation Has Increased Prices. Speculation has contributed to rising U.S. energy prices, but gaps in available market data
currently impede analysis of the specific amount of speculation, the commodity trades involved, the markets affected, and the extent of price impacts.

3. Price-Inventory Relationship Altered. With respect to crude oil, the influx of speculative dollars appears to have altered the historical relationship between price and inventory, leading the current oil market to be characterized by both large inventories
and high prices.

4. Large Trader Reports Essential. CFTC access to daily reports of large trades of energy commodities is essential to its ability to detect and deter price manipulation. The CFTC’s ability to detect and deter energy price manipulation is suffering from critical information gaps, because traders on OTC electronic exchanges and the London ICE Futures are currently exempt from CFTC reporting requirements. Large trader reporting is also essential to analyze the effect of speculation on energy prices.

5. ICE Impact on Energy Prices. ICE’s filings with the Securities and Exchange Commission and other evidence indicate that its
over-the-counter electronic exchange performs a price discovery function — and thereby affects U.S. energy prices — in the cash market for the energy commodities traded on that exchange.

http://www.senate.gov/~levin/newsroom/supporting/2006/PSI.gasandoilspec.062606.pdf

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