Speculation and the 2008 oil bubble: The DCOT Report analysis

► We analyze the DCOT Report to study the behavior of traders during the 2008 oil bubble. ► the Money Manger category perfectly played the oil bubble. ► the Producer/Merchant/Processor/User and the Nonreportables engaged in short covering. ► the Swap/Dealer incurred heavy losses as the price of oil collapsed. ► We find no indications of speculation by any category.