What was a “shock” to oil traders was the magnitude of the distillate drawdown in last night's API. We knew that supply was tight in the Midwest as farmers are deep into the harvest — but a drop of 6.2 million barrels?
As oil prices soared to a record high in 2008, traders, politicians and regulators were stunned as oil made a move of historical portions. Now oil traders are cheering the overturning of position limit rules.
Democratic senators and representatives have submitted briefs to a federal judge saying Congress intended speculation limits to go into place as written and that Wall Street's challenge to those limits should be dismissed.