CFTC: Closely Monitoring Unusual Trading Activities in the Crude Oil Futures Market

Golden Ten Data reported on April 1st that David Miller, Head of Enforcement at the U.S. Commodity Futures Trading Commission (CFTC), stated on Tuesday that the agency is monitoring the crude oil futures market for unusual trading activity. When asked about related transactions, Miller said, “I can't comment on what we are or aren’t investigating. I can only say that we are watching closely.” According to foreign media reports, at around 7:05 local time on March 23, U.S. President Trump posted on his social platform about delaying strikes on Iran. Shortly before that, trading volume of crude oil futures surged. Based on exchange data compiled by institutions, in the two minutes starting at 6:49 a.m. New York time that day, financial contracts related to at least 6 million barrels of Brent crude and WTI crude were sold. In comparison, during the same period in the previous five trading days, the average volume was about 700 lots (equivalent to 700 thousand barrels).