By Ilene
From Phil Davis:
Speculators at the NYMEX are doing it again and have NO INTENTION WHATSOEVER of accepting delivery of even 1/10th of the 367M barrels they had as open contracts last week. In fact, Wednesday (June 
they traded their contracts 454,043 times. It’s a 123% daily churn rate!
Of course, it’s easy to churn 454 million barrels of crude because the only one that ends up paying for all those fees is the end consumer of crude. All those fees are passed on to consumers as part of the price of oil.
Don’t forget to thank Lloyd and Jamie when you fill up your tank, as Exxon’s CEO Rex Tillerson told us, without those speculators, a barrel of oil would be $70. You can see Jamie sweating…
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