369. OIL FLAT, GROWTH CONTINUES
Great graphic over at the Oil Drum today:
It comes from the new CFTC report which finally and conclusively proves that futures market participants have no effect whatsoever on prices in the futures market.
The folks at TOD had their own nefarious reasons for posting this, but what caught my eye is how global growth just keeps on trucking, even without growth in oil. Which is a little odd considering that no less a figure than Colin Campbell, the Pope of Peak Oil, has called oil "the principal driver of economic growth"Source.