The Commodity Futures Trading Commission is proposing a new rule to limit energy speculation.
(everyone applaud)
The proposed caps announced on Thursday will have limited market impact affecting only a small handful of traders – about 10, by the CFTC’s own estimates – on crude oil, natural gas, gasoline and heating oil markets. The new limits are largely higher than the so-called “accountability levels” set by exchanges and which, if exceeded, trigger heightened surveillance.
By this April, speculators controlled 71 percent of the contracts, according to data provided to the House Energy and Commerce Committee by the Commodity Futures Trading Commission
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