We analyze short-term futures oil pricing over the 2003-2016 time-period in order to analyze the bubble-like dynamics, which characterizes the 2007-2009 years according to a large body of recent literature. Our investigation, based on a flexible three-agent model (hedgers, fundamentalist...

The idea that speculation exacerbates commodity and stock price volatility dates back at least from the second half of the nineteenth century when an extensive literature emerged to which Marshall contributed. The essence of his arguments, originally applied to commodities and subsequently...