Originally Posted by Wolf424

Oil is a commodity as everyone knows, which means it’s traded on pure speculation and not on actual market conditions. It’s the reason gas prices went up 50 cents in a week. Not because there wasn’t any gas…but because speculators anticipate the price (futures) will be higher for oil, and that drives up the price of contracts. It’s not as if there is a gas shortage. There is still plenty of oil to refine.

Oil shouldn’t be traded as a commodity. But that ship has sailed.