Speculative traders 'manipulating' gas and oil prices: analyst
Atlanta (Platts)--7Jun2005
With gas and crude oil stocks running stable to higher compared with 2004 levels, the influence of speculative traders has put a "fear premium" on commodity prices in spite of weak fundamentals, according to Paul Corby, a senior vice president with consulting firm Planalytics. In opening comments to attendees of Interchange Energy's LDC Forum in Atlanta Tuesday, Corby said by the technical definition of the term, these players are in fact manipulating commodity markets to their advantage, although their activity is not necessarily illegal. "What they're doing is their job," said Corby, noting that speculative traders are paid to make a profit. "This is the first time we had funds coming into a commodity that impacts so many other people," he added. This story was originally published in Platts Natural Gas Alert http://naturalgasalert.platts.com
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