The large inflow of investment capital to commodity futures markets in the past decade has
generated a heated debate about whether financialization distorts commodity prices. Rather …

This paper reviews the more recent literature addressing different facets of speculation in
commodity markets, including the role of speculators and the impact that financialization in …

This paper explores the impact of investor flows and financial market conditions on returns in
crude oil futures markets. I argue that informational frictions and the associated speculative …

Stronger investor interest in commodities may create closer integration with conventional
asset markets. We estimate sudden and gradual changes in correlation between stocks …

A popular view is that the surge in the real price of oil during 2003-08 cannot be explained
by economic fundamentals, but was caused by the increased financialization of oil futures …

Some market participants and policy‐makers believe that index fund investment was a major
driver of the 2007‐2008 spike in commodity futures prices. One group of empirical studies …

The 'Masters Hypothesis' is the claim that long-only index investment was a major driver of
the 2007–2008 spike in commodity futures prices and energy futures prices in particular …

We study the joint responses of commodity future prices and positions of various trader
groups to changes of the CBOE Volatility Index (VIX) before and after the recent financial …

The first decade of the 21st century has perhaps witnessed morestructural change in
commodity futures markets than all previous decadescombined. Not only have trading …

The main purpose of this report is to analyse the main features of the current crude oil
pricing system; to describe the structure of the main benchmarks currently used namely …