On Mon, 05 Mar 2012 09:40:14 -0500, X ` Man
wrote:

In most cases the "speculator" is the logistics manager for some large
petroleum consumer who is trying to do their job by locking up
sufficient future supplies.



I will grant what you say with this modification:

"In some cases, the speculator is the logistics manager..."

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Let's take an example that everyone understands. Most people fill up
the tank of their car when it starts getting low, possibly less than a
quarter of a tank give or take. However, if there is talk of a
possible shortage or a major price increase, many people would start
filling up more often, oerhaps when half full or even 3/4ths. Does
that make them speculators? The exact same thing happens with
logistics managers who are hired to ensure adequate future deliveries.
Does that cause an increse in demand and increased auction prices?
Of course it does. Does that make them speculators?