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Oil executives press CFTC on 24/7 trading risks

  • : Crude oil, Natural gas, Oil products
  • 26/07/08

Oil industry executives in recent meetings with the US Commodity Futures Trading Commission (CFTC) discussed "concerns" about expanding around-the-clock trading to energy markets, according to agency documents.

BP America executive Orlando Alvarez, ExxonMobil global trading vice president Damon Davis and Shell Energy North America executive Mario Mendez are among the industry executives who met with CFTC chairman Michael Selig and his staff over the last two weeks to discuss "concerns, costs, and risks of 24/7" trading of energy, according to meeting summaries the CFTC published online Tuesday.

Selig has attended at least nine meetings with officials from the oil industry or commodity trading firms since 26 June, the summaries indicate. Energy Transfer co-chief executive Tom Long, Kinder Morgan chief executive Kimberly Dang and Vitol Americas chief executive Ben Marshall also discussed "concerns, costs and risks" of 24/7 trading in those meetings, according to those meeting records.

Kinder Morgan declined to comment. The other companies meeting with CFTC did not immediately respond to a request to comment.

The oil industry meetings came as exchange platform CME Group is preparing to launch 24/7 trading of a new WTI crude futures contract — equivalent to 1pc of the size of a typical WTI contract — on 30 August, "pending regulatory review". If listed, the contract could become the first 24/7 energy futures contract available in the US, at a time when military attacks on energy infrastructure and shipping in the Mideast Gulf regularly take place over the weekend.

CME did not respond to a request for comment.

The CFTC last month began to accept comments on the possible extension of trading hours for energy futures contracts to 24/7 availability, in addition to listing "perpetual" energy contracts that never expire. The CFTC's goal is to support "responsible innovation" in the markets it oversees while retaining protections against manipulation or market disruptions, Selig said on 22 June.

But expanding trading hours could carry risks for market participants. The CFTC, in a list of questions released as part of the public comment period, asked whether markets could become more susceptible to manipulation or heightened volatility during thinly traded "off-hours". Among the agency's concerns is that potential 24/7 trading could trigger collateral demands or liquidations at times when traditional payments systems are unavailable. The comment period is scheduled to close on 27 July.

By Chris Knight

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26/07/09

Last month second-hottest June recorded: EU Copernicus

Last month second-hottest June recorded: EU Copernicus

London, 9 July (Argus) — Last month was the second-warmest June on record globally, and the hottest June recorded in western Europe, EU earth-monitoring programme Copernicus said today. The global average surface air temperature in June was 16.54°C, 0.56°C higher than the 1991-2020 average and 1.39°C above the pre-industrial average, Copernicus data show. Much of western and central Europe was affected by a severe heatwave in June . "Many June and some all-time records for daily maximum temperature" were broken in several countries, Copernicus said. The average temperature over European land in June was the second-highest on record, at 19.14°C. This is 1.78°C above the 1991-2020 average for the month, Copernicus data show. Western Europe, which was most affected by extreme heat, experienced its hottest June on record, with an average temperature of 20.74°C — 3.05°C above the 1991-2020 average for the month, Copernicus said. The average sea surface temperature in non-polar oceans in June was the highest on record for the month, at 20.86°C, just marginally above the average temperature for June 2024, Copernicus said. Sea surface temperatures were at "exceptionally high levels across a large portion of the tropical Pacific", where El Nino conditions are present, "and forecast to strengthen rapidly", Copernicus said. El Nino is forecast to be a "strong" event, the World Meteorological Organisation said earlier in July . This increases the chance of extreme weather events. "June 2026 underscored how profoundly the climate is changing", said Copernicus' strategic lead for climate Samantha Burgess. The records broken in Europe last month "reflect a climate system continuing to accumulate heat. The result is increasingly intense heatwaves, a persistently warm ocean, and growing risks for people, ecosystems and infrastructure", Burgess said. The hottest year on record is 2024. The past three years, 2023-25, are the hottest three years recorded. By Georgia Gratton Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US asphalt demand rises with war

26/07/08
26/07/08

US asphalt demand rises with war

Houston, 8 July (Argus) — US asphalt demand continued to rise in April even as prices climbed, spurred by the war in the Middle East. Product supplied — a proxy for demand — rose by 16pc from March to April after a previous 25pc rise from February to March, according to the latest US Energy Information Administration (EIA) data. Product supplied reached 10.61mn bl in April, the highest level since October 2025 and the highest April level since 2008, extending the demand strength seen in March . US imports of asphalt also rose to 2.1mn bls in April, up by 97pc from a year earlier and the highest level since July 2024. The US east coast led the increase in imports with a 17pc climb from March and a 96pc increase from last April to roughly 1.3mn bls. Imports along the coast primarily came from Canada, Venezuela and Turkey, according to Kpler data. Demand for asphalt remained strong throughout April as market participants rushed to secure supply over concerns the war in Iran would continue to push asphalt values higher. Despite sharp price increases throughout the month, buyers continued to request as much volume as possible, sellers said. Several waterborne asphalt assessments reached their peak for the month in the week ended on 10 April. Gulf coast barge prices rose to $540/st that week; the cif New York assessment rose to $535/st, and the Midwestern barge assessment rose to $450/st. Meanwhile, light-sweet benchmark crude prices reached their highest level since June 2022 in April. WTI jumped to $112.95/bl on 7 April, and Brent crude rose to $118.03/bl on 29 April. Despite the sharp rise in both crude and asphalt prices, both Gulf and Atlantic coast waterborne values were at 70pc of Brent crude prices over the month of April. By Angelina Contreras Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

US launches new strikes against Iran

26/07/08
26/07/08

US launches new strikes against Iran

Washington, 8 July (Argus) — US forces launched a new wave of attacks on Iran after President Donald Trump said on Wednesday the US-Iran ceasefire was "over". The air strikes, for a second night in a row, are meant to retaliate against Iranian attacks earlier this week on three commercial vessels attempting passage through the strait of Hormuz, the US Central Command (Centcom), which oversees the Middle East-based US forces, said at 5:15pm ET on Wednesday. Centcom carried out strikes on Iranian defense targets late on Tuesday, and Iranian forces retaliated with drone and missile attacks at US military installations in the Mideast Gulf. Iran's response so far has spared its neighbors' energy infrastructure. "As far as I'm concerned, it's over," Trump said on Wednesday of the ceasefire established by the US-Iran interim deal he signed on 18 June. Trump, in remarks at a Nato summit in Turkey, previewed the forthcoming attacks and said he may re-establish the US naval blockade that was removed last month. The US will continue strikes on Iranian military targets until Tehran agrees to fully reopen the strait of Hormuz to navigation and stops attacking vessels passing through it, US vice president JD Vance said on Wednesday. Trump, who said last month that the US would be unable to reopen Hormuz by military means alone, said he was no longer willing to negotiate with Iran. "I'm not sure I want to make a deal with them," Trump told reporters at the conclusion of the Nato summit. "Let's just finish the job," he said. Vance, who led the US diplomacy with Iran over sanctions relief and a ceasefire in Lebanon, on Wednesday described the interim US-Iran deal as hinging on the status of navigation through Hormuz. "The basic deal that we cut was, 'we'll lift our blockade if you stop shooting at ships,'" Vance told reporters during a visit to Wisconsin. "The strait of Hormuz is going to be open," Vance said. "That means oil and gas is going to flow to the American people." If Iran continues attacking ships in Hormuz, there will be a US military response, Vance said. The resumption of intense clashes between the US and Iranian militaries sent oil prices higher. August Nymex WTI rose by $3.08/bl to settle at $73.52/bl on Wednesday. Trump has touted the decline in crude futures since the US-Iran interim deal on 18 June, but he has expressed frustration at the slower pace of decline in US retail fuel prices. Trump has ordered federal prosecutors to begin looking into whether consumers were being "gouged" by oil companies, and his administration has invited state officials to join the federal probe. Tehran is talking tough too Tehran anticipated the resumption of US attacks and threatened to respond strongly to them. Tehran also vowed to fully close navigation through Hormuz. The 18 June deal called for the strait of Hormuz to fully reopen to commercial traffic, and for Tehran to receive limited sanctions relief in return. But key terms began to unravel well ahead of the 21 August deadline that the countries set to thrash out the final details of a peace agreement, including the fate of Iran's nuclear program. Tehran has been keen to preserve its control over the strait of Hormuz and has been attacking ships crossing close to the coast of Oman, in a section of the strait where the US and the International Maritime Organization have encouraged transits. The US on Tuesday revoked authorization to allow purchases of Iranian crude, refined products and petrochemicals. The US-Iran clashes since Tuesday followed an increase in hostile rhetoric from both countries, after Trump on 5 July said that the US passed on a chance to assassinate the Iranian leadership during the belated funeral for former supreme leader Ali Khamenei, who was killed in a US strike on 28 February. "We said, 'Go and do your funeral stuff,'" Trump said on Wednesday. "And instead of that, they start shooting rockets at ships yesterday." By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Venezuela's president approves new oil regulations

26/07/08
26/07/08

Venezuela's president approves new oil regulations

Caracas, 8 July (Argus) — Venezuela's acting president Delcy Rodriguez and oil minister Paula Henao on Wednesday enacted the framework of regulations needed to implement recent reforms to the main hydrocarbons law. Almost 1,400 regulations issued over the last 83 years of oil activities were "studied and analyzed" in trying to incorporate best practices into the new framework, Rodriguez said during the televised event. "This is done in order to transform the [oil] reserves of our country into the development of our country," she said. "The resources for the recovery and reconstruction of our country after the dual earthquakes of June 24th are also here." The government must still publish the full text of the regulations in the official gazette. Henao had said in late May that the government would approve the regulations soon . Venezuela's government moved to open operation of its oil fields to beyond state-owned PdV and trimmed its take of earnings and production under changes to the hydrocarbon law made after the US' essential takeover of its oil sector on 3 January. By Carlos Camacho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Group challenges California carbon market changes

26/07/08
26/07/08

Group challenges California carbon market changes

Houston, 8 July (Argus) — An environmental justice group is asking a California court to block the state's carbon market regulator from implementing changes to the cap-and-invest program, alleging the agency failed to follow state procedures. The group, Communities for a Better Environment (CBE), filed its lawsuit on 1 July with the Superior Court of California for Los Angeles County. CBE claims the California Air Resources Board (CARB) violated the California Environmental Quality Act (CEQA) when its board adopted a package of cap-and-invest program amendments on 29 May with an "inadequate" environmental impact assessment (EIA). The group asked the court to issue a temporary stay or a preliminary or permanent injunction preventing CARB from implementing the changes and require the agency to set aside its approval of the regulatory amendments and final EIA. CARB plans to implement the changes to the program on 1 September , following a review by the state Office of Administrative Law (OAL). OAL is required to evaluate whether agency amendments comply with state laws and procedures for regulations before implementation. CARB has said it must meet the September date so that it can implement required changes to free allowance levels for state utilities and emissions-intensive, trade-exposed industries for their 2027 allocations. Additionally, the agency plans to begin evaluating a link with Washington's cap-and-invest program in September. CBE's objections focus on changes CARB made to the manufacturing decarbonization incentive (MDI) from the initial January proposal to the final version issued in April , and the assessments of its environmental impacts. The MDI program would allocate carbon allowances from a pool of 118.3mn to eligible industrial participants over 2028-2035 for investments in CARB-approved decarbonization projects. The allowances would fall outside the program's annual emissions limits, also known as annual caps. CARB proposed a different structure in January that would have utilized at minimum 40mn allowances from 2034-45 budgets, which would be under the program's caps, and the agency would separately remove 118.3mn allowances from the program through 2030. This initial proposal excluded energy industries, such as liquid fuels providers, from applying for the MDI allocations, but CARB changed this in April. CEQA sets essential procedural requirements to review the environmental consequences of rulemakings, including EIAs. CARB adopted the amendments with an EIA that, the group said, did not accurately describe the MDI and its eligibility requirements, fully reflect the impacts of a larger pool of incentive allowances or provide an adequate baseline of physical environmental conditions at the time of publication, among other claims. "The final EIA makes no effort to determine whether providing these specific industries the opportunity to utilize 118mn free allowances through the MDI will increase air pollution or greenhouse gas emissions beyond what was analyzed in the draft EIA's analysis of the January proposal," the group said in its court petition. CARB and the office of state attorney general Rob Bonta (D) did not immediately respond to requests for comment. CBE is pursuing a similar case against CARB, claiming CEQA violations related to amendments to the state's Low Carbon Fuel Standard. That case, filed in 2024 , is ongoing. By Denise Cathey Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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