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CFTC extends review of 24/7 oil futures trading

  • : Crude oil, Oil products
  • 26/07/23

The US Commodity Futures Trading Commission (CFTC) is taking an extra 30 days to gather input on continuous trading of oil futures, adding another obstacle to CME Group's proposal to launch a 24/7 WTI crude futures contract as early as next month.

The CFTC said on Thursday that after having "extensive conversations with industry" on the prospects of around-the-clock, every day trading of energy futures, it had decided to offer more time for comment on the idea. That will delay the comment deadline until 26 August, days before CME's planned 30 August launch of a smaller WTI crude futures contract that would be available 24/7.

CME did not immediately respond to a request for comment.

The CFTC already intervened earlier this month to block CME from self-certifying the new futures contract, which the agency said would offer more time for a "thorough review". If listed, the new WTI contract — which would be equivalent to 10 bl of crude — would become the first 24/7 energy futures contract available in the US, giving traders the ability to buy and sell futures at night and over the weekends.

Oil companies and their lobbyists have raised multiple concerns to CFTC over 24/7 oil trading, fearing the launch of the contract would create new headaches across the industry. Among their concerns is having to staff trading desks around the clock, higher volatility and a detachment from market fundamentals. Earlier this week, the refinery group the American Fuels and Petrochemicals Manufacturers asked the agency to extend the comment deadline until 26 August.

The CFTC, as part of the comment extension, raised multiple new questions about 24/7 oil futures trading, including if continuous trading could create incentives for traders to "engage in trading over the weekend in a manner that moves prices" to affect underlying benchmark prices. The CFTC also asked for specific comments on CME's new contract, and for input on what "concrete steps" industry would have to take before they could support 24/7 trading.

By Chris Knight

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News
26/07/22

Houthis claim strikes on 2 vessels in Red Sea

Houthis claim strikes on 2 vessels in Red Sea

New York, 22 July (Argus) — Yemen's Houthis claim to have struck two crude tankers in the Red Sea late Wednesday, in an apparent enforcement of the group's proclaimed ban on Saudi Arabian maritime navigation. In a social media post the Houthis claimed to have attacked two tankers carrying Saudi Arabian crude, the Encelia and the Layla . "The Yemeni Armed Forces carried out a qualitative military operation targeting two Saudi oil tankers that violated the blockade imposed by the Armed Forces in the Red Sea," according to a Telegram post at 21:32 GMT Wednesday. The UK Trade Maritime Organisation (UKTMO) reported at 21:00 GMT that a single tanker was struck by an unknown projectile that caused a fire onboard. No casualties or environmental impact were reported at the time. The Houthis announced a ban on Saudi Arabian "maritime navigation" on 20 July, which came into effect immediately . Saudi Arabia has funneled much of its energy exports through the Red Sea port of Yanbu since late-March while its key port of Ras Tanura, in the Mideast Gulf, has been choked by Iran's intermittent effective closure of the strait of Hormuz. In a 22 July message, the EU Naval Force's Operation Aspides, a military operation in response to Houthi threats to shipping in the Red Sea, recommended merchant vessels linked to Israel, the US or Saudi Arabian interests avoid transiting the Red Sea and Gulf of Aden until the threat level decreases. Yemen's Houthis last attacked a vessel in the Red Sea on 29 September, when they fired on the Dutch-flagged cargo ship Minervagracht . September Ice Brent crude futures closed up by $3.06/bl Wednesday to $94.07/bl, but continued to rise in after-hours trading. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

US-assisted Hormuz transits drop to zero

26/07/22
News
26/07/22

US-assisted Hormuz transits drop to zero

New York, 22 July (Argus) — Vessel traffic through the strait of Hormuz on the US-assisted southern transit route stopped completely in the past day following increased Iranian attacks on vessels at the start of the week. Out of the 10 vessels that transited the strait of Hormuz on 21 July, eight vessels took the Iran-favored northern transit route, while two vessels transited through the center transit lane where most traffic passed before the war, data from vessel tracking service Windward shows. Vessel traffic through the center transit lane has been uncommon since the breakout of the war because of suspected Iranian-placed mines throughout the area. Commercial traffic through the strait of Hormuz since the outbreak of the war on 28 February has been bifurcated between the northern route, which runs along the Iranian coastline, and the southern route along the Omani coast. Transits through the US supported southern traffic lane has been steadily falling following the reprisal of attacks between the US and Iran and slowing traffic through the strait. On 20 July only two vessels out of 15 that transited the strait used the southern transit lanes, according to Tradewind data. This is down sharply from 24 June, the day when vessel transits through the strait of Hormuz reached their highest since the signing of the US-Iran memorandum of understanding that temporarily stopped the fighting, with 25 out of the 41 outbound vessels transiting the strait doing so on the southern lane. The UK Trade Maritime Organization (UKTMO) reported three attacks on tankers transiting through the strait of Hormuz between 20 and 21 July, all occurring in the southern transit lane. Centcom did not respond to a request for comment on whether the US was still offering assistance for commercial vessels looking to transit via the southern lane. Iran amps up Hormuz rhetoric, operations Iranian politicians on Wednesday reaffirmed their commitment to controlling the strait of Hormuz, likely in response to President Donald Trump's vow to bomb Iranian power plants and bridges every time Iran strikes commercial ships in Hormuz. The Iranian Revolutionary Guard Corps (IRGC-N) reiterated its position that it controls the strait of Hormuz via a social media post on X today. "The input and output of the strait of Hormuz are specified and under our definitive control," the IRGC-N said. "Alternative routes are unsafe and dangerous; we warn against their use, as it will have severe and irreparable consequences." "We have repeatedly said that the situation of the strait will not return to pre-war conditions," said Iranian parliamentary speaker Mohammad Bagher Ghalibaf, who headed previous negotiations with the US, in a 22 July post on X. Iranian actions to control traffic in the strait are also evolving. Satellite imagery shows the tanker Kavomaleas , part of Greek shipowner Dynacom's fleet, has been seized by Iran and brought to Iranian waters near Larak. The vessel was attacked by Iranian forces on 20 July , with the crew confirmed safe, according to UKTMO. This is the first reported instance of a vessel attacked by Iran in the strait of Hormuz getting escorted into Iranian waters. "A large IRGC fast in-shore attack craft presence plus one small craft positioned directly alongside the tanker is assessed consistent with an escorted move toward Iranian waters rather than an uncontrolled drift," Windward said. By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

European naphtha pricing in Red Sea disruption risk

26/07/22
News
26/07/22

European naphtha pricing in Red Sea disruption risk

London, 22 July (Argus) — European naphtha market participants are increasingly pricing in the risk of disruptions in the Bab el-Mandeb strait, although market participants said the Yemen-based Houthi militant group's threat to Saudi shipping is yet to result in meaningful changes to physical cargo flows. The east-west naphtha swap spread was $72.75/t on 21 July, wider by $18/t on the day and by $30/t on the week, with heightened concern about supply to destinations east of Suez. The possibility of Red Sea disruption comes as Russian naphtha exports are in decline and Chinese buying interest shows signs of improvement. Naphtha exports through Bab el-Mandeb averaged around 388,000t/month in the past two months, roughly double the 2025 monthly average. A trader active in west-to-east naphtha arbitrage trade told Argus that at least one cargo was recently fixed from Europe to Asia via the Suez Canal, providing an early test of shipowners' willingness to continue using the route. The trader said some owners have suspended Red Sea transits, and others are waiting to see how the Houthis will enforce any restrictions. The group has said it will only target vessels carrying Saudi cargo, or that have left or are heading to Saudi ports. The uncertainty has started to affect trading behaviour. A European naphtha broker said liquidity is weakening, with market participants becoming cautious about committing supply until the implications for Asian buying requirements become clearer. "Traders will buy and sell less volume as the market becomes more volatile," the broker said. "There will be less liquidity in the market overall." An Asia-based light-ends analyst said balances "are gradually tightening", with supply risks outweighing concerns about demand. Cargoes can be rerouted around the Cape of Good Hope if the Red Sea situation worsens. But doing so would substantially increase freight costs and voyage times, raising the cost of supplying Asia-Pacific buyers. Argus estimates sending a Long Range 2 (LR2) tanker from the Mediterranean to Japan around south Africa would add around 19 days to the journey and nearly $600,000 to the fuel bill at current prices. Market participants said the naphtha east-west spread may need to widen significantly further before long-haul Cape routing becomes routinely economic. The light-ends analyst estimated the spread may need to approach $80/t, depending on freight costs. Russian exports are likely to fall because of refinery disruptions, while restrictions on gasoline exports could divert additional naphtha into domestic blending, limiting global availability. By Jide Tijani and John Ollett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Oil futures: WTI up on supply disruption concerns

26/07/21
News
26/07/21

Oil futures: WTI up on supply disruption concerns

Houston, 21 July (Argus) — US benchmark WTI crude futures advanced today on mounting concerns over supply disruptions caused by the conflict in the Middle East. August Nymex WTI rose by $1.68/bl to $84.91/bl while September Ice Brent rose by $1.79/bl to $91.01/bl. The September Brent-September WTI spread narrowed by 7¢/bl to $6.67/bl. WTI at the Magellan East Houston terminal was discussed at a prompt 25-35¢/bl premium bid-ask spread to the Cushing benchmark at 3pm ET, according to the Argus Crude Market Ticker, above Monday's 17¢/bl volume-weighted average premium. Vessels are continuing to violate a US blockade on Iranian ports, while commercial traffic through the strait of Hormuz remains overwhelmingly controlled by Iran, despite US official's claims to the contrary. The US Central Command (Centcom) said it redirected seven commercial vessels and disabled one to prevent ships from leaving or entering Iranian ports as of 20 July. US president Donald Trump on Tuesday told reporters during a meeting with Lebanese president Joseph Aoun that the blockade is "like a steel wall" and that no ships are getting through. But data from vessel tracking service Vortexa shows that nine vessels departing or heading to Iran ports have transited through the strait of Hormuz since the US blockade was reimposed on 14 July. Separately, several large tankers on 21 July turned away from voyages passing Yemen's coastline or the Bab el-Mandeb strait in the Red Sea, according to AIS data. Three were very large crude carriers (VLCCs) and one was an Aframax. All had either loaded, or were going to load, crude at Saudi Arabian Red Sea ports. This comes a day after the Yemen-based, Iran-backed Houthis militant group said it imposed a maritime ban on Saudi Arabia. The Houthis today said six ships had turned back, although that could not be verified. Elsewhere, CPC Blend crude loadings remain suspended following recent drone attacks on tankers at the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast, traders say. Loadings were halted on Monday after the tanker Nelsa was hit while loading at the terminal's SPM 1 single-point mooring buoy. Nymex RBOB rose by 1.69¢/USG to $3.4059/USG while Nymex ultra-low sulphur diesel rose by 0.76¢/USG to $4.1266/USG. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

News

Iranian vessels violate blockade, transit Hormuz

26/07/21
News
26/07/21

Iranian vessels violate blockade, transit Hormuz

New York, 21 July (Argus) — Vessels are continuing to violate the US imposed blockade on Iranian ports while commercial traffic through the strait of Hormuz remains overwhelmingly controlled by Iran, despite US official's claims to the contrary. The US Central Command (Centcom) said it redirected seven commercial vessels and disabled one to prevent ships from leaving or entering Iranian ports as of 20 July. And today US president Donald Trump told reporters during a meeting with Lebanese president Joseph Aoun that the blockade was "... like a steel wall" and that no ships were getting through. But data from vessel tracking service Vortexa shows that nine vessels departing or heading to Iran ports have transited through the strait of Hormuz since the US blockade was reimposed on 14 July. Of those nine vessels, six were empty inbound tankers that hold a combined carrying capacity of around 2.35mn bl of crude and refined products. Commercial vessels transiting the strait of Hormuz have also overwhelmingly continued to use the Iranian-favored northern transit route, following an increase in attacks on vessels using the US-sanctioned southern traffic lane that runs along the coast of Oman. Out of 11 strait of Hormuz transits into the Mideast Gulf on 20 July, 10 were through the northern, Iranian-controlled route while only one transited the southern, US-supported corridor, according to data from vessel tracking firm Windward. Of the vessels exiting the Mideast Gulf, three utilized Iran's northern route on 20 July and one used the southern route. Iran-flagged vessels were also the most common vessels crossing the waterway on 20 July, accounting for six out of 15 total transits, per Windward data. Vessel traffic through the strait remains at around 11pc of prewar levels, according to Windward. "US-assisted commercial transits continued with fewer ships, reflecting heightened operator risk assessments under the elevated threat environment," the UK Trade Maritime Organization said in its 21 July advisory note. "Recent attacks on tankers in Omani waters further influenced operator behavior and contributed to significantly reduced traffic density." By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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