Oil Trader Reclassification

Couldn't help but take notice of this article, which says that the Commodities Futures Trading Commission just revised its numbers on how much of the open interest on oil futures is held by speculators. The number was at 38% and they upped it to 48%. So nearly half of the open interest in NYMEX crude futures are held by speculators... yeah, no chance that speculators could be moving the market.

What's even more intriguing is the fact that the article says it looks like just one trader was reclassified in bringing up that number. They don't really give any more info on that, but if that's true, then it means that there's some really big money out there swinging at oil.

-AvgJoe