The Commodity Futures Trading Commission Issues a Strong  Advisory Letter to Several of Their Divisions

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“Last month the Domestic Energy Producers Alliance called for the Commodity Futures Trading Commission (CFTC) to swiftly look into the unusual events that took place with respect to WTI crude oil futures on the Chicago Mercantile Exchange (CME). I commend the CFTC for a good first step in issuing this latest advisory that puts all futures exchanges in check, emphasizing their legal responsibility for preventing ‘manipulation, price distortion, and disruptions of the delivery or cash-settlement process.’ This move further demonstrates the need for a thorough investigation into CME and the unprecedented, historical events that led WTI crude oil to trade at negative prices for the first time in history. It is a step in the right direction in getting clarity and certainty for the markets in the future.”  – Harold Hamm