Comment Text:
10-002
COMMENT
CL-00054
From:
Sent:
To:
Subject:
Valenti, Dale
Wednesday, January 20, 2010 9:06 AM
secretary
"Proposed Federal Speculative Position Limits for Referenced Energy Contracts
and Associated Regulations."
Please establish speculative position limits on energy contracts. The rampant
speculation that drove the prices of crude to record levels in 2008 must be stopped.
The big hedge funds and other traders that never plan to take possession of the oil
should not be allowed to use their massive amounts of funds to be used to drive up
the price, therefore manipulating the market as they did in 2008. The entire global
economy depends upon your actions being swift, decisive and stern. We can clearly
see that the energy market no longer responds to the fundamentals of supply and
demand with the continued rise in crude prices in the face of a glut of product and
lack of demand over the past year. If one reviews the price chart it becomes apparent
that the traders are forcing a five or six percent margin, then selling off to collect
profits. This is not how markets should work.
Dale Valenti
Manager Corporate Logistics
Menu Foods
1400 E. Logan Ave.
Emporia, KS 66801
Phone 620-342-1323 ext. 249
Fax 620-342-5696
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