The Commodity Futures Trading Commission’s Office of the Chief Economist has released a study analyzing the composition of traders across different energy futures contract maturities and their effect on price discovery in those markets. The study, “Market Growth, Trader Participation and Pricing In Energy Futures Markets,” analyzes major changes in the size and term structure of the U.S. crude oil (WTI) futures market, finding substantial growth in and diversity of objectives among trader activity at the back end of the term structure since 2000. The CFTC staff found that the increase in market activity—and particularly the increased participation of non-traditional commercial traders and speculators—has contributed significantly to price discovery in WTI futures.