Comment Text:
As a petroleum marketer and retailer, I am writing to voice my support for the IMMEDIATE adoption of proposed rule (RIN3038-AD15 and AD16 Position limits for Derivatives.
After years of highly volatile commodity markets, the CFTC is finally poised to impose position limits for physical commodities. Dozens of studies by industry experts, economists, academics, and committees in Congress, as well as direct comments to CFTC thru prior rulemaking initiatives and working groups serve only to reinforce the need for meaningful position limits in the commodity markets and therefore adoption of this rule.
I have fully supported my industry trade associations in their efforts to communicate broad industry concerns with a market structure that seemingly no longer serves a valid price discovery function. Massive positions held by speculators have contributed to price volatility that is simply unrelated to supply and demand fundamentals. The recent upheaval in the Middle East only reinforces the urgent need to enforce immediate individual and aggregate position limits on speculators in the commodities markets.
Please act on this now.
Thank you for your considertion
Sincerely,
Linford Pearson
