The traders have read the writing on the wall. Obama was about to put a pin to their bubble in order to save his political arse, and they are getting out ahead of it. Look for Eric Holder investigations into “manipulative” trades and tough new rules requiring traders to take physical custody of the oil. The savvy ones will cash out on top before all that starts happening.
If traders are forced out through tougher new rules as you rightfully point out, monopolies on control will develop.. effectively nationalizing the oil market and real collusion, massive supply interruption and price increases will be common.
In all probability, BINGO. odumbass is in the crapper and he is going to do some wild things to get out.
tough new rules requiring traders to take physical custody of the oil.
That could be good. It would even out prices a little, and maybe increase our holding capacity.