Looks like vitol was holding the large crude position
Posted by WARREN MOSLER on August 5th, 2008
(an email)
>
> W
> you can tell everyone it is vitol but don’t give the source.
> looks like traditional speculation; not the masters index speculation.
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August 5th, 2008 at 12:46 pm
vitol? who is that?
August 5th, 2008 at 1:47 pm
Vitol
Vitol is a leading partner for the provision of trading or marketing services across every oil and energy sector.
http://www.vitol.com/
August 22nd, 2008 at 1:14 pm
Who is Vitol managing partner? Who is owner of Record? where are they from ? ie country of origin?
August 22nd, 2008 at 2:53 pm
Don’t know. Somewhere over in Europe, last I saw.
August 23rd, 2008 at 12:04 pm
The entity in question was Vitol according to published reports (see link below). The CFTC was not doing its job to prevent a short squeeze. As soon as Vitol was reclassified from “hedger” to “speculator” by the CFTC the price of oil fell $20. (Hedgers are not subject to position limits). The damage to the economy has already occurred.
http://journalstar.com/articles/2008/08/21/news/business/doc48adb87f9d386848178091.txt
August 24th, 2008 at 12:39 am
Can you explain this?
I just heard about Vitol apparently owning over 80% of NYMEX contracts - how does something like this happen without anyone knowing about it?
August 26th, 2008 at 2:13 pm
As long as you have companies looking to do things in a way that no one knows about it, odds are at least a few of them will succeed.
In this case, I have no specific details.