This WSJ article (registration required) sheds new light on the role of speculators in the energy markets. I think U.S. regulators are bound to get involved here by year-end. I'd stay under-weight commodities in the short run, particularly oil - though the long-term bull argument is still compelling.
Link: Data Raise Questions On Role of Speculators - WSJ.com.
the number of futures and options contracts held by traders counted as speculators -- those who don't have a commercial need to mitigate the risks of energy prices in their business -- rose to 49% of all crude-oil bets outstanding on the New York Mercantile Exchange
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