Dr. Joel Fingerman, founder of http://fundamentalanalytics.com/ joins Hamzei Analytics Educational Video Series from the Floor of the CME Group, to share with us critical oil and gasoline data relevant to the recent $15 jump in crude oil prices from concerns over Libya and the Middle East. Dr. Fingerman notes that the amount of oil Libya supplies is not critical and other OPEC countries can easily replace Libya's production. Also, the U.S. has a high supply of oil and gasoline in stock. So, looking at the NYMEX oil contracts open interest at highs, Dr. Fingerman believes that high oil prices are due to speculation and not based on the fundamentals.
Table of OPEC oil producing countries including Libya
U.S. Oil Stockpile
U.S. Gasoline Stockpile
NYMEX Non-Commercial Net Crude Open Interest
**Filmed Friday, March 3rd at 5:30pm CT from the trading floor at the CME Group.