Commodity Futures Trading Commission (CFTC) and New York
Mercantile Exchange (Nymex) have both written to the House of
Representatives' Energy and Commerce Committee to reject claims
that hedge fund activity in natural gas markets has been a
cause of excess volatility.
The letters, from CFTC acting chairman Sharon Brown-Hruska
and Nymex chairman Mitchell Steinhause to representative John
Dingell, attest that hedge fund activity in gas markets has
been a relatively small part of the market and that price
movements depend more on market fundamentals.
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