Do Speculators Drive Crude Oil Futures Prices

@article{Buyuksahin2011DoSD,
  title={Do Speculators Drive Crude Oil Futures Prices},
  author={Bahattin Buyuksahin and J. Harris},
  journal={The Energy Journal},
  year={2011},
  volume={32},
  pages={167-202}
}
The coincident rise in crude oil prices and increased number of financial participants in the crude oil futures market from 2000-2008 has led to allegations that "speculators" drive crude oil prices. As crude oil futures peaked at $147/ bbl in July 2008, the role of speculators came under heated debate. In this paper, we employ unique data from the U.S. Commodity Futures Trading Commission (CFTC) to test the relation between crude oil prices and the trading positions of various types of traders… Expand
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