More bulls are getting on the crude oil bandwagon as it is clear that the path to market balance is getting closer every day. Investment banks surveyed by The Wall Street Journal hiked its price forecast for the third consecutive month this May, predicting that Brent crude, the international benchmark, will average $43 a barrel in 2016. That's up $2 from April's survey.
You may have read the Chairman of NFA’s letter denying the accusations I raised about improprieties committed by NFA’s Management and Executive Committee. I respect the Chairman, and have no doubt he felt he had no choice but to support Management.
While on the Board, we have prioritized acting in our fiduciary capacity as Directors above maintaining consensus and the status quo. While we have acted professionally, we have not hesitated to raise difficult issues to NFA staff and have advocated for changes to executive compensation, audit practices, due diligence and nomination procedures for public Directors.
Futures brokers are still dealing with Dodd-Frank, residual interest rules, data fees and zero interest rates, but with Fed tapering complete and new leadership at the CFTC, there are also positive signs as we enter 2015.
This was no small fraud. Coming on the heels in the MF Global debacle, it threatened the entire futures industry structure. One fraud and violation of customers segregated funds is an anomaly, two might be considered a trend.