US Treasury may be manipulating oil futures market — CME Exchange warns
The US Treasury is reportedly attempting to influence the oil futures market through sales, raising alarms among market participants. Terry Duffy, chairman of the Chicago Mercantile Exchange (CME), has warned that such intervention could undermine market confidence and have serious repercussions.
According to Duffy, US involvement in oil futures trading could become a "biblical disaster" for the market. CME Group runs the key exchange where oil futures are traded in the United States. Tim Scripps from Energy Aspects noted his company received client inquiries on whether recent large transactions were initiated by the US government—an unprecedented move if true.
With high prices — Oman crude futures trading around $135 and year-end futures near $98; US WTI crude futures around $95 with year-end contracts near $74 — the market is experiencing significant volatility, further increasing uncertainty.
