Brian

The Commodity Futures Trading Commission (CFTC) has intervened in former Amaranth gas trader Brian Hunter’s appeal of a Federal Energy Regulatory Commission (FERC) order fining him $30 million for allegedly manipulating the gas futures market. In the briefing filed in the U.S. District Court of Appeals for the District of Columbia Circuit, the CFTC said it intervened in the case because “FERC’s assertion of jurisdiction directly conflicts with the express statutory grant of exclusive jurisdiction to the CFTC over futures trading on futures exchanges.” The two federal regulatory agencies have butted heads over the issue of whether FERC has jurisdiction in cases where the manipulation of natural gas futures trades subsequently influences the price of physical gas transactions (see NGI, Sept. 17, 2007). Both Hunter and the CFTC argue that FERC lacks jurisdiction in these cases. However in intervening in the case, the CFTC is not defending Hunter’s alleged activities in the futures market. In mid-2007, the CFTC brought its own action against Amaranth and Hunter for attempted gas futures market manipulation one day before FERC brought its enforcement action (see NGI, July 30, 2007). The Amaranth hedge fund was liquidated in late 2006 after losing $6 billion on natural gas trades. FERC fined Hunter $30 million in April 2011.

The Commodity Futures Trading Commission (CFTC) Wednesday filed an intervenor brief on behalf of former Amaranth gas trader Brian Hunter, who is appealing an order by the Federal Energy Regulatory Commission (FERC) for fining him $30 million for allegedly manipulating the gas futures market.

The Federal Energy Regulatory Commission (FERC) Monday approved DCP Midstream LP’s request to build an 11-mile pipeline to transport gas from the Niobrara Shale in the Denver-Julesburg (DJ) Basin to interstate natural gas markets served by the Colorado Interstate Gas (CIG) pipeline. The proposed $12 million pipeline facilities (LaSalle Residue Line) would connect to the proposed LaSalle processing plant in Weld County, CO. The only shipper on the proposed line would be DCP. DCP Midstream is a joint venture of Spectra Energy and ConocoPhillips. Based on new production in the Niobrara Shale in the DJ Basin, DCP told FERC it plans to construct the 110 MMcf/d LaSalle gas processing plant and a new gathering pipeline in Weld County (see Shale Daily, May 16, 2011).

The U.S. Court of Appeals for the District of Columbia Circuit will review former Amaranth natural gas trader Brian Hunter’s appeal of FERC’s order denying rehearing of claims that he manipulated the natural gas market.

January natural gas swan-dived lower Friday as traders noted a continuing deterioration in both the fundamental and technical dimensions to the market. At the close January had fallen 14.0 cents to $3.317 and February had given up 13.3 cents to $3.353. January crude oil added $1.07 to $99.41/bbl.

Brian Gilvary, who has worked at BP plc for 25 years, has been named CFO effective Jan. 1 and will join the board of directors. Current CFO Byron Grote, 63, will become executive vice president, corporate business activities. Gilvary, 49, has been deputy group CFO and head of finance for BP for nearly two years. He previously was CEO of BP’s commodity trading arm, Integrated Supply and Trading (IST). He also has been a board member of TNK-BP since December, having previously also served on the board from 2003 to 2005. Grote, 63, has been CFO since 2002. In his new role he will have responsibility for BP’s IST, alternative energy and shipping businesses as well as the company’s technology and remediation management activities.

Even though the case still is pending before FERC, former Amaranth natural gas trader Brian Hunter has asked a federal appeals court in Washington, DC, to reconsider the agency’s decision to levy a $30 million fine on him for allegedly manipulating the gas futures market.

Houston-based NiSource Midstream Services (NMS) named John Bonn president and Brian Raber vice president of operations and engineering, the NiSource Gas Transmission & Storage (NGT&S) unit said. Bonn, who has worked in the past for Monarch Natural Gas, Enterprise Product Partners (EPP), El Paso Corp. and Delhi Gas Pipeline, will be responsible for the development of investment opportunities in the midstream sector and extending the NGT&S presence to the wellhead, with an initial focus on the Marcellus Shale region. Raber previously worked for Hoover Energy Partners, EPP, TEPPCO, El Paso and Moore Control Systems Inc. He will be responsible for all operations and engineering activities for NMS and report directly to Bonn.

Houston-based NiSource Midstream Services (NMS) named John Bonn president and Brian Raber vice president of operations and engineering, the NiSource Gas Transmission & Storage (NGT&S) unit said. Bonn, who has worked in the past for Monarch Natural Gas, Enterprise Product Partners (EPP), El Paso Corp. and Delhi Gas Pipeline, will be responsible for the development of investment opportunities in the midstream sector and extending the NGT&S presence to the wellhead, with an initial focus on the Marcellus Shale region. Raber previously worked for Hoover Energy Partners, EPP, TEPPCO, El Paso and Moore Control Systems Inc. He will be responsible for all operations and engineering activities for NMS and report directly to Bonn.