CFTC chairman supports limit exemptions for bona fide hedgers

The chairman of the Commodity Futures Trading Commission Gary Gensler said he supports exemptions from investor limits for bona fide hedgers but said he was concerned the exemptions could defeat the efectiveness of position limits. The CFTC is holding its second day of hearings to discuss Energy Position Limits and Hedge Exemptions in Washington.

Crude oil plunges as inventories rise by 5.1 million

Oil plunged nearly 6 percent to $63 a barrel after a report that stockpiles increased by 5.1 million barrels for the week ending July 24, at 347.8 million barrels, the Energy Information Administration said on its weekly report Wednesday. Gasoline inventories fell 2.3 million barrels last week, and distillate fuel inventories including heating oil and diesel increased by 2.1 million barrels, the EIA reported.

ConocoPhillips 2Q profit drops

ConocoPhillips reported its second quarter net profits were $1.3 billion, or 87 cents per share, compared with $5.44 billion or $3.50 per share a year earlier a decline of 76 percent which the company attributed to a drop in oil prices and weak demand.