The Commodity Futures Trading Commission is proposing a new rule to limit energy speculation.

(everyone applaud)

The proposed caps announced on Thursday will have limited market impact affecting only a small handful of traders – about 10, by the CFTC’s own estimates – on crude oil, natural gas, gasoline and heating oil markets. The new limits are largely higher than the so-called “accountability levels” set by exchanges and which, if exceeded, trigger heightened surveillance.

Here is the actual proposed position limits rule where comments can be received up to 90 days.

This is the basics of the proposed rule: