The Commodity Futures Trading Commission (CFTC) is seeking comments on whether to change its weekly Commitments of Traders (COT) reports, which show aggregate trader positions in certain futures and option markets. The reports provide a breakdown of each Tuesday’s open interest for all futures and option markets in which 20 or more traders hold positions equal to or above minimum reporting levels established by the CFTC. Over time, both the trading activity that is the subject of the COT reports and the reports themselves, have continued to evolve. As a result of changing market conditions, the commission is undertaking a comprehensive review of the COT reporting program. The notice in the Federal Register, which can be found at https://www.cftc.gov/foia/fedreg06/foi060621a.htm,provides background information on the COT reports and lays out various issues and questions. The comment deadline is Aug. 21. For details contact the CFTC’s Donald Heitman at (202) 418-5041, email, dheitman@cftc.gov.

Apache Corp. said it closed or is in the process of closing the previously announced purchase of BP’s remaining producing properties on the Outer Continental Shelf of the Gulf of Mexico for $845 million. The properties include 13 fields, nine of them operated. They have net proved reserves of 19.5 million bbl of liquids and 148 Bcf of natural gas. Apache said it has identified 50 drilling locations on the properties and another 4 million bbl of liquids and 26 Bcf of natural gas in probable and possible reserves. Average 2006 net production of the properties is estimated at 3,650 bbl of liquids and 85 MMcf/d of gas. Apache has hedged all of the production volumes through 2008 at prices that protect its acquisition economics, while preserving upside potential from higher prices. Apache financed the purchase with commercial paper. Its debt-to-capitalization ratio remains below 23%.

The New York Mercantile Exchange Inc. (Nymex) said it posted daily volume records Wednesday for energy futures contracts and Nymex miNY crude oil futures contracts that are traded electronically on CME Globex. Nymex energy futures reached an estimated 108,111 contracts traded on CME Globex. Nymex miNY crude oil futures traded an estimated 74,328 contracts, surpassing the 65,616 contracts traded on May 4. Nymex standard-sized and Nymex miNY futures contracts for crude oil, natural gas, heating oil, and gasoline trade on CME Globex virtually 24 hours a day, including during open outcry trading hours. Nymex Europe Brent crude oil standard-sized and miNY futures contracts and the Northwest Europe gasoil futures are also available on CME Globex. “We are very pleased to cross the 100,000 contract volume mark in our second week of side by side trading,” said Nymex CEO James E. Newsome. “Nymex is gratified to offer its customers with a multitude of trading options, including the full-sized, physically settled energy and metals contracts via open outcry, the full-sized and Nymex miNY cash-settled energy contracts on CME Globex, and off-exchange cash-settled energy contracts for clearing on Nymex ClearPort.”

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