RE:GOLDMAN , importsInteresting article from 2012 on how intertwined the oil trading market is with Goldman and other investment banks showing how easy it is to create a percieved 'glut' : whereas before the Volcker rule was implemented they used derivatives now they are free to use physical oil .
"banks can use physical oil cargoes to offset against their quota of derivative positions "
"JPMorgan Chase this month agreed to supply crude to, and purchase fuels from, the biggest refinery on the US east coast"
"Morgan Stanley now delivers crude to an Ohio refinery owned by PBF Energy and buys gasoline, diesel and lubricants made by the company’s two other refineries in Delaware and New Jersey, a PBF prospectus said."
https://www.ft.com/intl/cms/s/0/96c4dd5e-ce70-11e1-9fa7-00144feabdc0.html#axzz3z9RILX00
https://www.forbes.com/sites/leesheppard/2014/01/08/the-loopholes-in-the-volcker-rule/#2fcf31d24009