Analyze the Data
Many believe that speculators, particularly index funds and other large institutional investors in our markets are responsible for the high price of crude oil. However, data analysis conducted by our Research Department confirms that the percentage of open interest in NYMEX Crude Oil futures held by non-commercial participants relative to commercial participants actually decreased over the last year even at the same time that prices were increasing. In addition, non-commercials are relatively balanced between long (buy) and short (sell) open positions for NYMEX crude oil futures. Thus, non-commercial participants are not providing disproportionate pressure on the long (buy) side of the crude oil futures market. Instead, non-commercials are relatively balanced between buy and sell open positions for NYMEX crude futures. In addition, “hedge funds” identified in analysis conducted by NYMEX staff only accounted for approximately 5% of the total volume in the NYMEX Light Sweet Crude Oil contract in 2007. Therefore, we have seen various representation made relative to participation by speculators in our markets that directly contradicts our data.
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It seems to me that reporters and commentators are just looking for someone to blame, no matter how unrealistic the story. A very small portion of the population would consider themselves "speculators," so they make easy scapegoats. Actual coverage of data analysis is too complicated or nuanced for a sound bite or for an incendiary talk show segment, which means that, unfortunately, no one gets the real picture. At the end of the day, though, I have to side with reality.
Are the data and analyses you mention publicly available, or are they currently only held by your research department? It would be easier to get these facts and figures to the public if you release and publicize a report.