Energy Commodity Futures Market Structure (CFTC)

Current understanding

The CFTC regulates futures and derivatives markets referencing energy commodities such as crude oil, natural gas, and refined products. Emerging questions include whether standard futures contracts should trade 24/7 (matching crypto and global spot markets) and whether perpetual contracts—continuous, no-expiry derivatives popularized in crypto—can be listed on physically delivered or storable energy commodities without undermining price discovery, hedging, delivery, and settlement mechanics. As of 2025 the Commission has opened a request for comment rather than proposing binding rules.

Evidence log

Open questions

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