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The U.S. regulator of futures markets wants public comment on whether it should set position limits on energy futures that apply across all markets and traders.
The Commodity Futures Trading Commission said it also sought comment on who should qualify for exemptions from position limits.
Some lawmakers say hedge exemptions should go only to people who plan to buy a commodity and not those who hedge financial risk.
Oil prices set a record in 2008 and grains contracts surged to historic levels amid complaints that a flood of investor funds distorted the futures markets. Wheat and cotton growers said futures prices zoomed above cash prices.
In a statement released on Tuesday, CFTC Chairman Gary Gensler said CFTC also would revise its weekly Commitment of Traders report to show the activities of swaps dealers and hedge funds.
He said the "enhancements" would appear in the near term but did not set a date.
Anti-speculation bills pending in Congress would direct CFTC to set position limits on oil and other energy futures and spell out in its reports the role of swaps and hedge funds in futures markets.
"Our first hearing will focus on whether federal speculative limits should be set by the CFTC to all commodities of finite supply, in particular energy commodities such as crude oil, heating oil, natural gas, gasoline and other energy products," said Gensler, who took office May 26.
He said the hearings during July and August would help determine how CFTC should use its powers to ensure fair trading. No hearing dates or locations were announced.
At present, the CFTC does not set position limits on oil and other energy contracts although futures exchanges do. The CFTC has position limits on some agricultural contracts.
"The commission will be seeking views on applying position limits consistently across all markets and participants, including index funds and managers of exchange-traded funds; whether such limits would enhance market integrity and efficiency; whether CFTC needs additional authority to fully accomplish these goals; and how the commission should determine appropriate levels for each market," said the statement.
Besides showing hedge fund and swaps positions, the Commitment of Traders report will be modified to show data on foreign contracts linked to U.S. contracts and to show data on contracts that play a leading role in setting prices.
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Data is a real-time snapshot *Data is delayed at least 15 minutes