Futures Market: CFTC Perpetuals Relief, Crypto ANPRM, Oil, Gold

Item	Date	Figure
CFTC Staff Letter 26-29	Oct 5, 2026	Relief expires Oct 20, 2026
Crypto ANPRM comment period	Oct 5, 2026	60 days after Federal Register publication
Brent futures peak, 3Q26	Sep 15, 2026	$109 a barrel
Brent, last two weeks of 3Q26	Sep 2026	About $104 a barrel average
US natural gas gross withdrawals	July 2026	Record 137 Bcf/d
Gold futures	Oct 5, 2026	About $4,157

The CFTC made two moves on Monday that bear on the structure of the futures market, while energy data and gold both reflected the US-Iran conflict.

CFTC allows true perpetual futures

The Division of Market Oversight issued Staff Letter 26-29, giving designated contract markets no-action relief to convert existing perpetual-style broad-based security index futures into true perpetual futures by removing expiration dates. Exchanges must first solicit feedback from participants with open positions, give advance notice and a chance to exit, provide risk disclosures and make no other material changes to contract terms. They must file the amendments under CFTC Regulation 40.5 or 40.6 and certify compliance. The relief expires October 20, 2026.

Crypto rulemaking goes out for comment

In a separate release, the CFTC published an advance notice of proposed rulemaking on retail commodity transactions in crypto assets under Section 2(c)(2)(D) of the Commodity Exchange Act, which it calls CTXs. It covers preventing abusive practices under a uniform national regime, setting out best practices for complying with CTX requirements, and codifying a “crypto asset market” subcategory of DCM registration. Chairman Michael Selig said Americans deserve clarity, certainty and consumer protections in crypto markets, and that the Commission would work to prevent fraud like FTX’s rather than only prosecute it afterward. Written comments are due within 60 days of Federal Register publication and will be posted on Regulations.gov.

EIA: oil spiked in the third quarter

The EIA’s quarterly review shows Brent at $72 on July 1, its lowest since February 26, just before the war began. It passed $100 on July 23, traded between about $79 and $98 until September 8, and passed $100 again on September 9. Futures peaked at $109 on September 15, when spot reached as high as $132, and averaged about $104 in the final two weeks of the quarter. Military strikes resumed July 7, and the September escalation included attacks on tankers, a US blockade of Iranian oil exports and attacks on pumping stations along Saudi Arabia’s East-West pipeline.

US refineries ran at about 95% utilization, processing the most crude oil for a third quarter since 2019. The gasoline crack spread more than doubled from a year earlier on a quarterly average, while distillate and jet fuel cracks almost tripled. Distillate stocks were 13% below the 2021 to 2025 average as of September 25.

Record natural gas output

Gross natural gas withdrawals reached a record 137 Bcf/d in July, the first new monthly record of 2026. Withdrawals in Texas and New Mexico, home to the Permian Basin, rose 1.7 Bcf/d, or 3.2%, from June. The Hugh Brinson Pipeline began interstate flows ahead of schedule, easing takeaway constraints toward Gulf Coast LNG terminals.

Gold: rate hike odds and war risk

Gold steadied on Monday after its sharpest weekly drop since June and a decline of more than 6% in September. Weak Friday payrolls cut the market-implied odds of an October Fed hike to about 20% from roughly 70% a week earlier, following the Fed’s first hike in three years in September. ANZ said weaker jobs data supports gold but high bond yields and energy inflation limit upside. Futures traded near $4,157 with key support at $4,122.54. The author of one Investing.com analysis compared the situation with the 1979 US-Iran crisis, which lasted 444 days.