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IEA plans seminar on oil price volatility in 2010
Published on October 17, 2009 by oilprices · No CommentsThe IEA said on Thursday it planned to open up a dialogue or seminar on oil price volatility in a seminar in Japan early in 2010 with market players and regulators. Some analysts say oil prices would fall after tougher energy market regulations were in place, which is likely to push some financial players out of oil trading. Excessive speculation was blamed for sending oil prices to record highs near $150 a barrel last year.
The US CFTC Commodity Futures Trading Commission is widely expected to introduce stricter position limits for non-physical investors in commodities before the end of 2009.
“There is a concern over oil price volatitility,” Nobuo Tanaka, Executive Director of the IEA, told a news briefing closing the agency’s two-day biennial ministerial meeting. We had a good discussion (between ministers) and the IEA has asked to provide better data and that was recognised by the ministers,” Tanaka said. “We are planning to have more dialogue in a seminar in Japan on price volatitility or price formation in the early part of next year,” he said.
Oil prices are currently trading at a year high with many analysts expecting crude oil futures to trade higher by the end of 2009.