Energy experts debate merits of speculators and position limits

oil drum

Along with high-frequency traders, “massive passives” – hedge funds, pension funds and index investors – have forced considerable market change in recent years, according to commissioner Bart Chilton of the Commodity Futures Trading Commission (CFTC), who spoke at an industry event in Houston on November 8, 2011.

Chilton said such players – large speculators that do not typically use the market to hedge a physical position – can have an adverse effect by pushing up prices and, upon exiting the

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