CFTC announces wide ranging investigation of energy markets---Oil prices fall $4. Gee, I wonder why.... Investigation has been going on for at least four months and Brits investigating their exchanges too. We will see what we will see. Story is here too.... $120 is key, lots of sell stops under that figure.

CFTC assertions discounting the potential role of speculation in driving oil prices higher, which he said have been based "on a glaringly incomplete data set." An increasing number of US crude oil trades occur on foreign boards of trade and in over-the-counter markets for which the CFTC has limited data and oversight authority

And here's the rub...most trades are not on the exchanges but are "arrangements" between the players---drillers, shippers, oil fields, and so on. BUT 94% of all oil and gas is owned or controlled by governments....like do we trust Hugo Chavez? Bloomberg piece is here...