#6 - Naked Oil
From The Oil Drum - Discussions about Energy and Our Future
December 28, 2012 - 5:37am
The Oil Drum staff wishes Merry Holidays to all in our readership community. We are on a brief hiatus in this period, and will be back with our regular publications early in the new year. In the meantime, we present the top ten of best read Oil Drum posts in 2012. The fifth in this series is a post by Chris Cook, former compliance and market supervision director of the International Petroleum Exchange.
All is not as it appears in the global oil markets, which have become entirely dysfunctional and no longer fit for its purpose, in my view. I believe that the market price is about to collapse as it did in 2008, and that this will mark the end of an era in which the market has been run by and on behalf of trading and financial intermediaries.
In this post I forecast the imminent death of the crude oil market and I identify the killers; the re-birth of the global market in crude oil in new...Continue reading this article »