Who controls the oil price?

Market dynamics have changed profoundly over thirty years, says commodities luminary

Ole Hansen

Ole Hansen has witnessed an energy trading revolution over a career that spans more than three decades. In that time the commodity markets analyst supreme has seen a huge shift in the fundamentals of pricing structures – particularly in oil.

It’s no secret that Brent and WTI prices are impacted heavily by speculative trades made by hedge funds and other players betting on whipsawing markets. What is surprising, perhaps, is the extent to which their interests, as well as their activities, have c