Sub-prime hits energy

The recent contagion in financial markets triggered by defaults in the US sub-prime mortgage sector has led analysts to question its effect on the commodity bull market. A particular worry has arisen from the withdrawal of speculative money from the energy space as investors look to cover margins elsewhere or offset equity and fixed income losses.

An August 24 Commitment of Traders Report from the Commodity Futures Trading Commission (CFTC) showed that large speculators cut their net long pos

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