CFTC chair Selig says enforcement is "looking at all these trades," without addressing the retraction report (update, Oct. 24, 2026)

Case

On Oct. 23, 2026, CFTC Chairman Michael Selig told Bloomberg Television that the agency's enforcement division "has been looking at all these trades" and that the CFTC takes the matter seriously. The coverage reviewed does not show him addressing Bloomberg's Oct. 13 report that an adviser told staff to retract a referral. No traders have been named and no charges announced.

What Selig said (Oct. 23, 2026) — claimed
On Friday, Oct. 23, 2026, CFTC Chairman Michael Selig told Bloomberg Television: "Our enforcement division has been looking at all these trades. We take this stuff very seriously." He added that people can have confidence in the markets "as long as I'm in the seat."
The accounts reviewed say the inquiry covers oil trading during the Iran war, including the Mar. 23 burst in Brent and WTI futures in which at least 6 million barrels changed hands in two minutes. Selig did not name any traders or say whether investigators found wrongdoing, and the CFTC has announced no enforcement findings.

What is still not on the record — inferred
The two accounts of the interview reviewed do not mention Mel Gunewardena or the reported retraction of the referral, so the Oct. 13 Bloomberg account remains unconfirmed and undenied on the record. This is read from what those accounts omit; the full interview was not reviewed.
As of Oct. 24, 2026, the coverage reviewed shows no scheduled congressional hearing on the retraction report, no public identification of who placed the Mar. 23 or Apr. 7 oil trades, and no charges or DOJ action.

Perspectives

Official position — CFTC Chairman Michael Selig
Selig says the enforcement division is looking at all the trades, that the agency takes the matter very seriously and is on top of it, and that markets can be trusted while he leads the agency. He did not address the retraction report in the accounts reviewed, and neither he nor the agency has announced findings.

Editorial read — The Author (site author)
The Author sees the unanswered question as the point: the chair says enforcement is looking at the trades, but in the accounts reviewed he did not address the report that an adviser told staff to retract a referral. Until the CFTC says what happened to that referral, the public cannot judge whether the inquiry is independent. This is The Author's view; the CFTC has announced no findings and no one has been charged.

Note
Selig's remarks, as relayed, do not address the retraction report, and the CFTC has announced no findings, so what the inquiry has found is unknown.

Sources
[1] OilPrice.com — 6 Million Barrels in Two Minutes Draws CFTC Scrutiny (https://oilprice.com/Latest-Energy-News/World-News/6-Million-Barrels-in-Two-Minutes-Draws-CFTC-Scrutiny.html) · 2026-10-23
[2] El-Balad — Michael Selig says CFTC enforcement division oil inquiry examined 6 million barrels (https://www.el-balad.com/17060345) · 2026-10-23

Connections

Related — Report: CFTC chair's adviser told staff to retract insider-trading referral on oil trades before Trump's Mar. 23 Iran post (update, Oct. 13, 2026)
Follow-up to the Oct. 13 Bloomberg report: Selig's first on-the-record comments (Oct. 23) on the oil-trade inquiry.

Related — Suspiciously timed trades before Trump's Iran and tariff announcements, and active trading in accounts in his name (2025-2026)
Update on the CFTC inquiry into the Mar. 23 oil trades documented in the published entry.