On Wed, 23 Jan 2008 11:34:53 -0500, Wayne.B
wrote:

On Tue, 22 Jan 2008 22:08:45 GMT, Short Wave Sportfishing
wrote:

What's interesting is the actual proof that the oil market is over
inflated with speculation.

Everyone who buys or sells a futures contract is a speculator of
sorts. That does not necessarily mean they are greedy, nefarious
people however. A declining futures market is more a reflection of
expectations for reduced demand, rather than an indicator that present
prices are inflated by speculation.

I quite agree, but when you look at fundamentals, follow the money,
speculation is a major component of oil prices.

When you can move the price of a barrel of oil up $2. because of fog
in the Houston Shipping Channel or $2 because of a backlog at the
LOOP, that's pure speculation moving the market up - not fundamentals.