“speculation which is not about the market of supply and demand of oil”
I’m at a loss as to how speculation is not about the market. They’re trying to get rich by predicting the future, right? You can say this is one example of the market not working well, but you can’t say it’s not the “real market”. For everything that people do voluntarily on the free market is real. If it’s a problem of their manipulation leading to a bad result, that’s not the same thing as saying it’s not real. Their manipulation is part of reality, as it is in every market on the face of the earth.
Here is how it is not the real market - if you and I can bet on the price of oil and have nothing at risk we can both make money if the price goes up or down. As a matter of fact if you and I work together to move the price up or down, but we never have to take delivery of the oil or gasoline, we are in business can work together cause prices to rise (change) and never be a part of the market. It is even better if what we put at risk is 0. Having an account is not the same as having trucks and stores, which is the market. Future speculators have a chance to be in the market differently than the people who buy 1000 shares of GE or WalMart - they are betting with other peoples money.