Another CNBC non-first: Walter Lukken, Chairman and Chief Liar of the CFTC (the criminals who 'regulate' futures speculation), came on CNBC for a well orchestrated lying session where he said, "We have limits and controls in place, and it seems that they are working well."
How can this man sleep at night? How can he say these blatant lies? He has paper traders, under his nose, inflating the market and taking no delivery of the goods, with a virtual zero margin requirement.
So, as we see, we cannot trust CNBC to challenge any guest after said guest has propagandized to his heart's content. And the CFTC and Lukken? Traitors like this we have not seen since the governmental banking manipulators of the roaring '20s.
Another quote that I couldn't catch the source of on that episode of the CNBC special:
"This type of speculation, where parties participate with no chance or intention of using or taking delivery of the product, is like creating a futures market in pharmaceuticals; life saving drugs whose critical need by the sick and dying manipulated by heartless robbers, criminals whose only function is to take money out of the market by inflating the price, while the end-user suffers."
Can you imagine a futures market in Insulin? Wait, it might still happen. Whoever put that concept in play is a good person, a truth-teller.
Your average commuter of the working class, and yes, professionals that must take to road? Screwed. How dare you, you evil bastards that propagate this MYTH that paper speculation in crude futures has no effect? You will meet with the judgment of the heavenly tribunal - in the days to come, when you are infirm and your loved ones have abandoned you.
That is what is happening now - bastard speculators that never touch the oil are merely placing a permanent long position, and whacking 40-60 bucks on the delivery price, and who pays.....you do.
CNBC, you owe us more. Stop taking fast and asking shallow questions and diagram out the horror that is ICE and long contracts - dry, empty, no product no delivery contracts.