The Wall Street Journal, Record Bullish Bets on Oil Raise Hopes—and Fears (subscription required)
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Futures Trading Is Volatile, Highly Leveraged and May Be Illiquid. This is not an inducement to buy or sell commodity interests. Investments in commodity futures contracts and options on commodity futures contracts have a high degree of price variability and are subject to rapid and substantial price changes. Such investments could incur significant losses. There can be no assurance that the options strategy will be successful. The use of options on commodity futures contracts is to enhance risk-adjusted total returns. The use of options, however, may not provide any, or only partial, protection for market declines. The return performance of commodity futures contracts may not parallel the performance of the commodities or indexes that serve as the basis for the options they buy or sell; this basis risk may reduce overall returns.
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