Markets
The Oil Chart Is Up, Your Fund Is Down—and It Never Owned a Barrel
A crude oil fund holds no barrel of West Texas Intermediate. It holds futures contracts stamped with expiry dates, and it has to replace them.
My Favorite Pieces of Financial Journalism
1. The Smartest Guys in the Room
2. The Big Short
3. When Genius Failed
4. Liar’s Poker
5. Barbarians at the Gate
6. Den of Thieves
7. Predators’ Ball
8. DotCon
9. Too Big to Fail
10. All the Devils Are Here
Related in Markets
All in Markets
Markets
Why Electricity Costs Less Than Nothing at Noon
On a sunny spring weekend, the wholesale price of a megawatt-hour in California can slide past zero and keep falling.
Markets
The Summer Discount on Natural Gas Is a Storage Bill, Not a Bargain
The U.S. Energy Information Administration slices the natural-gas year into two neat halves: injection season runs from April 1 through October 31