Getting ready to make my way back to the WHQ today so just a quick note.
I see that late on Monday the Air Transport Association issued a press release in which President James May exclaimed, “The market’s extreme volatility suggests that speculators, who withdrew tens of billions of dollars from the commodities markets when Congress threatened to tighten oversight of excessive and harmful speculation, breathed a sigh of relief last week when action in the Senate seemed unlikely and returned to the energy markets in full force. Well, speculators are back and prices are up.”
Not hardly Jim.
Oil futures contracts for October expired on Monday. The price climbed on Monday because those who had taken short positions had to cover their rears. This was made clear yesterday when the price went back down — ending at $107 and change.
Putting out press releases in which it is clear you don’t know what you are talking about doesn’t help build confidence in your credibility. I’d suggest the ATA consult with a professional next time before spouting out nonsense.