West Texas intermediate crude oil for September delivery on the New York Mercantile Exchange dropped on Thursday to the lowest price since the global financial crisis. Brent crude for September delivery on the Intercontinental Exchange also declined.
The New York Mercantile Exchange's West Texas Intermediate crude oil futures contract traditionally has been the leading benchmark amid the U.S. position as the largest consumer of the commodity. However, the Brent crude oil futures contract is becoming the benchmark as investor positions have reached a historic high.
Tracy Wills-Zapata, managing director, business development at Campbell & Co., says managed futures mutual funds are increasingly important, as more investors turn away from typical standard investment options. Campbell's strategy of testing market intuition with math and science and then leveraging technology to develop strategies serves clients well, Wills-Zapata said.
While JPMorgan Chase reportedly is negotiating a settlement with the Federal Energy Regulatory Commission, it appears likely that Blythe Masters, the head of the firm's commodities business, will not be charged separately with any wrongdoing, according to people briefed on the matter. The regulator could reconsider its decision, those people said, but appears not to be going forward with its contention that Masters made "false and misleading statements under oath."