elasticity assumptions. We show speculation had little, if any, effect on prices and volatility …of speculation. Our framework is based on a simple and transparent model of supply and demand in …the cash and storage markets for a commodity. It lets us determine whether speculation is consistent …

of the largest listed oil companies in the world, we derive an Index of Scaled Physical Inventories (ISPI). We find … during the speculation period, while the other companies had no or negative structural breaks. Contrary to declining … examine the relationship between changes in profitability and changes in oil inventory over the pre-speculation and …

How oil volatility is affecting the global political scene, and where the oil market is heading The world is rapidly …/Downstream Tradeoff -- Chapter 6: How Government Action Increases Volatility -- Chapter 7: Is There a Response? -- Appendix A: World …

of the largest listed oil companies in the world, we derive an Index of Scaled Physical Inventories (ISPI). We find … during the speculation period, while the other companies had no or negative structural breaks. Contrary to declining … examine the relationship between changes in profitability and changes in oil inventory over the pre-speculation and …

speculation differs from manipulation, and briefly discuss recent empirical evidence on the role of speculators and market …