Yes, they use the specs for cover and get away with it

They announce their posted prices will be a spread off of ‘market prices’
And then raise their posted prices lock step with higher prices from specs.

If instead the simply left their posted prices alone the price would quickly come back to their posted prices.

It seems to me impossible they don’t know this and are playing us for complete fools

WikiLeaks: Saudis often warned U.S. about oil speculators