Oil and gas trade rules unveiled

The top US futures market regulator unveiled its long-awaited proposal to crack down on speculation in oil and gas markets yesterday, setting position limits so high that they would affect only a handful of the most massive players, to the relief of edgy traders. In an effort to prevent excessive concentration in energy trading, the Commodity Futures Trading Commission issued proposals to cap the number of contracts a company can hold across exchanges. The limits were less stringent than expected and offered limited exemptions for swaps dealers who hedge financial exposure, such as Goldman Sachs.