National News
WASHINGTON, DC -- The Commodity Futures Trading Commission today plans to announce that it will begin publishing how much hedge funds and other big financial firms are trading in oil and other commodities, with an eye toward curbing what critics say is speculation that pushes prices up.
The agency publishes weekly data that lumps some of the big financial firms' transactions in with those done by so-called commercial users -- airlines, refiners and others who actually use the oil. Critics argue that leaves regulators and the public unaware of how much oil prices are being influenced by speculation.
Since oil prices hit their record of $147 a barrel a year ago, there has been growing pressure on regulators to curb excessive speculation in energy trading, and commodities markets more generally. The issue resurfaced in recent months as oil prices climbed from $40 to $70 with little obvious change in oil consumption patterns.
Critics of the current system, think that excessive speculative money in both the swaps markets and on futures exchanges is driving up oil prices.
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