I was looking forward to the 60 Minutes piece last night on oil speculation. Unfortunately, the piece was thin and extremely unenlightening. Morgan Stanley took huge positions in crude! Who knew! Barry Ritholtz has a good summary of things that were unmentioned or glossed over, below. I'll add one more. The piece threw around huge volume numbers on oil contracts traded vs. oil delivered, correctly showing there was lots of speculation. But it never explained how the spot price got to be be $145.