The mystery seems to have been solved, for now.
The Scooby Doo of the day is Vermont Senator Bernie Sanders, who posted two “confidential” CFTC documents on his website on Friday.
First, a pdf version of a CFTC spreadsheet earlier posted by Reuters showing the total long and short positions taken on WTI crude oil, compiled between late 2007 and the summer of 2008. (The spreadsheet has data on other commodities.)
Second, and even more interesting, a list of firms that held speculative positions in excess of position limits in a variety of different commodities markets.
These data are not this blogger’s strong suit but as Reuters points out they show how limits were broken on both the long and short side, which firms (Schroeders, DE Shaw, Bridgewater) were frequent transgressors, and how derivative platforms were used to augment positioning:
The data highlights how some firms who were technically within fixed futures trading limits had taken on unregulated over-the-counter positions that would have pushed them beyond the limits. It listed both on-exchange futures positions and off-exchange positions; many of the companies listed were trading well within the official futures-only limits.
Oh, and Singapore’s SWF is fingered on the second page.
Related link:
As Oil Spiked, Many Traded – WSJ