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ARTICLE · 03 FEBRUARY 2010

CFTC Proposes Position Limits And Exemptions For Certain Energy Contracts

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The Commodity Futures Trading Commission’s proposed rules establishing federal speculative position limits for futures and options on futures contracts on four energy contracts—Henry Hub natural gas, West Texas Intermediate light sweet crude oil, New York Harbor No. 2 heating oil and New York Harbor gasoline blendstock—were published for comment in the Federal Register on January 26.

United StatesFinance and Banking
Katten Muchin Rosenman LLP
Katten Muchin Rosenman LLP
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The Commodity Futures Trading Commission's proposed rules establishing federal speculative position limits for futures and options on futures contracts on four energy contracts—Henry Hub natural gas, West Texas Intermediate light sweet crude oil, New York Harbor No. 2 heating oil and New York Harbor gasoline blendstock—were published for comment in the Federal Register on January 26. The CFTC voted to request comment on its proposal at an open meeting on January 14. Commissioner Sommers was the lone dissenting vote. Commissioners Dunn and O'Malia agreed to release the proposal for comment, but they did not commit to supporting final position limit rules.

The proposed rules, to be set out in a new Part 151, would establish both exchange-specific and aggregate federal position limits for the affected commodities, which would be independent of existing exchange-set position limits and position accountability levels. The new limits would include the following:

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