What I tried to present was that there are three different segments in the marketplace--the futures market, or NYMEX, being only one of them.
You referred to over-the-counter, which I would call the swaps market, an independent market not regulated like the NYMEX is, and I think that's what you're referring to as having the Enron effect. I believe that in Enron's heyday they were given credit for convincing the U.S. federal government not to regulate that swaps market.
I was trying to distinguish between the cash market, or the physical market, and the futures market. People may be able to play with the futures market but they can't play with the cash market, because they cannot control all of the physical supply of oil. There's simply not enough capability to do that. They are linked, there's no doubt about it. There's a fairly strong correlation. I spend my career looking at differentials between various markets, and they do move around quite a bit.