January 14, 2009

Open Meeting on 

Proposed Energy Speculative Position Limits Rule
0

5000

10000

15000

20000

25000

NYMEX All Months Combined Position Limits

Natural Gas

Crude Oil

Gasoline and Heating Oil

Mar 1983:

NYMEX sets position limits on

Crude Oil

Oct 1984: NYMEX sets position 

limits on Gasoline and Heating Oil

Feb 1990: NYMEX sets position limits 

on Natural Gas

June 2001: NYMEX replaces single 

month/all month position limits 

with position 'accountability levels'
0

500

1000

1500

2000

2500

3000

3500

Mar-83

Nov-83

Jul-84

Mar-85

Nov-85

Jul-86

Mar-87

Nov-87

Jul-88

Mar-89

Nov-89

Jul-90

Mar-91

Nov-91

Jul-92

Mar-93

Nov-93

Jul-94

Mar-95

Nov-95

Jul-96

Mar-97

Nov-97

Jul-98

Mar-99

Nov-99

Jul-00

Mar-01

Nov-01

Jul-02

Mar-03

Nov-03

Jul-04

Mar-05

Nov-05

Jul-06

Mar-07

Nov-07

Jul-08

Mar-09

Nov-09

NYMEX Position Limits: Spot Month

Natural Gas

Crude Oil

Gasoline and Heating Oil

Mar 1983

NYMEX sets position limits on

Crude Oil

Oct 1984: NYMEX sets position 

limits on Gasoline and Heating Oil

Feb 1990: NYMEX sets position limits 

on Natural Gas
0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Open Interest in Physical Delivery Contract as % of

Total OI Across Referenced Energy Contract

Crude Oil

Natural Gas

Gasoline

Heating Oil
All Months Combined Referenced Energy Commodity Speculative Positions 

Under the Proposal (Historical)

Effective Period if the proposed regulations were in effect

Referenced 

Energy 

Contract

Reporting 

Market

Physical 

or Cash 

Settled

3/2001 -

2/2002

3/2002 -

2/2003

3/2003 -

2/2004

3/2004 -

2/2005

3/2005 -

2/2006

3/2006 -

2/2007

3/2007 -

2/2008

3/2008 -

2/2009

3/2009 -

2/2010

Light 

Sweet 

Crude Oil

NYMEX P 17,800 17,400 21,500 22,500 28,700 36,700 50,100 74,700 98,100

C 7,900 8,300 10,800 14,000 50,100 74,700 98,100

Aggregate Level 17,800 17,400 21,500 22,500 28,700 36,700 50,100 74,700 98,100

New York 

Harbor 

Gasoline 

Blendstock

NYMEX P 5,000 5,200 5,100 5,000 6,000 6,300 6,000 7,500 9,000

C 5,000 5,000 8,800

Aggregate Level* 4,600 5,200 5,100 4,700 6,000 6,300 6,000 7,500 9,000

New York 

Harbor No. 

2 Heating 

Oil

NYMEX P 6,400 6,000 6,200 5,900 7,300 7,400 7,500 8,700 10,100

C 5,000 5,000 5,000 5,000 8,700 10,100

Aggregate Level 6,400 6,000 6,200 5,900 7,300 7,400 7,500 8,700 10,100

Henry Hub 

Natural 

Gas

NYMEX P 14,700 17,100 23,100 19,900 22,900 40,200 76,500 121,000 132,700

C 8,500 19,900 22,900 40,200 76,500 121,000 132,700

ICE** C 121,000 132,700

Aggregate Level 14,700 17,100 23,100 19,900 22,900 40,200 76,500 121,000 132,700

* The Aggregate Level is less than the class level for 3/2001-2/2002 and again in 3/2004-2/2005 because the 

proposed regulation does not provide a de minimus level for the aggregate. Historically there was a low level of 

aggregate open interest in this referenced energy contract.

**ICE began reporting open interest to the CFTC on October 2007.
All Months Combined Referenced Energy Commodity Speculative Positions 

Under the Proposal (Prospective)

Referenced 

Energy Contract

Reporting 

Market

Physical or 

Cash 

Settled 3/2010 - 2/2011

Light Sweet Crude 

Oil

NYMEX P 98,200

C 98,200

Aggregate Level 98,200

New York Harbor 

Gasoline 

Blendstock

NYMEX P 8,900

C 8,900

Aggregate Level 8,900

New York Harbor 

No. 2 Heating Oil

NYMEX P 13,100

C 13,100

Aggregate Level 13,100

Henry Hub 

Natural Gas

NYMEX P 117,300

C 117,300

ICE C 117,300

Aggregate Level 117,300
Proposed AMC Limits

From Jan. 1, 2008 to Dec. 31, 2009 (Tuesdays only)

Commodity Type Maximum Number of 

Owners Affected in 

One Day 

Number of Unique 

Owners during the 

Period 

Crude Oil 2 3

Gasoline 9 19

Heating Oil 7 16

Natural Gas 1 1

23 Total Unique 

Owners
-

10,000 

20,000 

30,000 

40,000 

50,000 

60,000 

70,000 

1/1/20052/1/20053/1/20054/1/20055/1/20056/1/20057/1/20058/1/20059/1/2005

10/1/200511/1/200512/1/2005

1/1/20062/1/20063/1/20064/1/20065/1/20066/1/20067/1/20068/1/20069/1/2006

Report Date

Amaranth's All-Months-Combined Net Position in Natural Gas 

and Proposed Speculative Limits

(Jan 4, 2005 - Sept 19, 2006)

NYMEX NatGas

Cash

NYMEX NatGas

Physical

Natural Gas

Aggregate

Class/

Aggregate

Limits
-

10,000 

20,000 

30,000 

40,000 

50,000 

60,000 

70,000 

1/1/20052/1/20053/1/20054/1/20055/1/20056/1/20057/1/20058/1/20059/1/2005

10/1/200511/1/200512/1/2005

1/1/20062/1/20063/1/20064/1/20065/1/20066/1/20067/1/20068/1/20069/1/2006

Report Date

Amaranth's Single Month Net Position in Natural Gas

and Proposed Speculative Limits 

(Jan 4, 2005 to Sept 19, 2006) 

NYMEX NatGas

Cash

NYMEX NatGas

Physical

Natural Gas

Aggregate

Class/

Aggregate

Limits
0

10

20

30

40

50

60

70

80

90

100

11/3

11/1211/2112/0312/1212/23

1/5

1/141/26

2/4

2/132/25

3/6

3/173/26

4/6

4/164/27

5/6

5/155/27

6/5

6/166/25

7/7

7/167/27

8/5

8/148/25

9/3

9/159/2410/5

10/1410/23

11/3

11/1211/23

12/3

Contracts (1,000 bbl) Thousands

US Oil Fund Positions and Proposed Speculative Limit

(November 3, 2008 - December 9, 2009)

CL WS

65,000 contracts 

in a single month

49,800

contracts in a 

single month
0

20

40

60

80

100

120

140

3/2

3/123/24

4/3

4/164/28

5/8

5/20

6/2

6/126/24

7/7

7/177/298/108/20

9/1

9/149/2410/6

10/1610/28

11/9

11/19

12/2

Contracts (10,000 MMBtu) Thousands

US Natural Gas Fund Positions and Proposed Speculative Limit

(March 2, 2009 - December 9, 2009)

NG NN ICE

88,500 

contracts in a 

single month

ICE ECM SPDC 

contract
0%

4%

8%

12%

16%

20%

March-83 October-84 January-90 February-90 April-92 September-93 July-97 November-99

All Months Combined Limit as a % of Open Interest 

(in the Physical Delivery Contract) when changed by the Exchange

(AMC Limits changed to Accountability Levels in June 2001)

Crude Oil

Natural Gas

Gasoline

Heating Oil

Mar 1983: First limit on Crude Oil (>300% of OI)

Oct 1984: First limit on Gasoline and Heating Oil 

(no OI on gasoline yet)

Feb 1990: First limit on 

Natural Gas 

(No OI yet) 
0%

5%

10%

15%

20%

25%

30%

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

Jun-09

Jul-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

Report Date

Total AMC Net Position of Top 4 Owners 

as Percentage of Open Interest

(2008 - 2009)

Gasoline 

All

Heating 

Oil All

Crude Oil 

All

Natural 

Gas All