In the commodities markets for every winner there is a loser. For example, when Amaranth lost $6.5bn it didn’t go into vapor-space. Instead, corresponding gains were realized by Merrill, Morgan, Goldman, JPM, Citadel, Centaurus, BP Capital, etc.
With this correction of oil from $81 to $51/bbl, the biggest losers are the commodity index holders of the GSCI, CRB and probably historical long oil players perhaps like Phibro and BP Capital. The winners are clearly the E/P companies that hedged their production anywhere above $51. But, remember only 6 months ago these companies were underwater.

The renewed interest in commodities however has increased volatility. There was too much money placed in a market that couldn’t readily absorb the money flows without abberations to pricing and value. This was no similar to the dot com boom.
At the moment no one cares if speculators fail in a downward market. The massive price movement created some good value with E/P companies increasing production and searching for alternatives. The bad was that these hedge fund parasites, oily investment bank and greasy floor speculators were able to temporarily prey off of the general public while not producing a drop of oil, but reap billions of dollars through inflated prices in a one-way market move.