Ted Butler: Common sense and the CME Group

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By Ted Butler
SilverSeek.com
Tuesday, April 21, 2020

Monday's spectacular and unprecedented collapse of oil prices is, rightly so, the subject of nonstop commentary. Already considered depressed on Friday's close, at $18.27 per barrel, the he May NYMEX crude oil futures contract, at Monday's official settlement price, had fallen to negative $37.63, down $55.90.

Most observers asked how the heck this was possible -- how could a futures contract for crude oil fall to minus $37 a barrel?

... Dispatch continues below ...



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The process by which the negative price was determined was illegitimate, as is the exchange on which it trades, the NYMEX, as well as the owner-operator of the exchange, the CME Group (which also owns and operates the COMEX).

Yes, I'm fully-aware that the CME Group runs the largest energy and precious metals derivatives exchanges in the world, but since when did size alone guarantee integrity and legitimacy? ...

... For the remainder of the analysis:

http://silverseek.com/commentary/common-sense-and-cme-group-17911

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