S.577: A bill to amend the Commodity Exchange Act to add a provision relating to reporting and recordkeeping for positions involving energy commodities.

Oil and Gas Traders Oversight Act of 2007 - Amends the Commodity Exchange Act to prescribe reporting and recordkeeping requirements for positions involving energy commodities (a commodity or the derivatives of a commodity used primarily as a source of energy).

Directs the Commodity Futures Trading Commission to subject to the requirements of this Act a contract, agreement, or transaction for future delivery in an energy commodity.