Oil yet another article on quota cheating. At Zerohedge this one says they looked at the loading schedule for next month for Iraq and they are continuing to increase production.
It really doesn't take a crystal ball to have foreseen this. The real question, and I am clueless about this, is at what point our highly leveraged 28 year old history majors realize they are holding $ 50 dollar contracts for something that last year was worth 40 at best this time last year. It is all based on faith in the Saudi word. I think the Saudi's and their close friends are going to have to step up and prove they will do what ever it takes to save the IPO before we get to "Sell Mortimer Sell".