Charging

The Commodity Futures Trading Commission (CFTC) issued an order charging Swiss financial services firm UBS AG with unlawfully exceeding position limits on certain energy and metal futures contracts on the New York Mercantile Exchange (Nymex). The CFTC imposed a $130,000 civil penalty on UBS for exceeding position limits on certain Nymex natural gas, heating and platinum futures contracts on more than one occasion from about December 2006 through March 2008. UBS was ordered to cease and desist from such violations of the Commodity Exchange Act. According to the order, UBS exceeded Nymex position limits for the Michigan Consolidated Gas Co. Natural Gas Basis Swap futures contract, the Transcontinental Gas Pipe Line Co. Zone 4 Index Natural Gas Basis Swap futures contract, the New York Harbor No. 2 Heating Oil futures contract and the Platinum futures contract. The CFTC said it was assisted by Nymex in resolving the matter and that it took into account the cooperation of UBS.

Oregon’s late-charging liquefied natural gas (LNG) project at the mouth of the Columbia River, Oregon LNG, announced Monday it has signed a memorandum of understanding (MOU) with the Oregon Department of Energy on plans for carbon emission mitigation, plant retirement and emergency preparedness at the proposed Warrenton, OR, site.

A former board member of the New York Mercantile Exchange (Nymex) pleaded guilty last Tuesday to two felonies — illegal trading in the natural gas market and tampering with physical evidence.

CenterPoint canceled Monday a systemwide alert under which it began charging Excess Contract Quantities penalties last Thursday.

Panhandle Eastern Pipe Line shippers, industry associations and customer advocate groups have accused Panhandle affiliate Southwest Gas Storage of charging “unjust and unreasonable” rates for jurisdictional storage services, and have called on FERC to act quickly to provide some rate relief.

Panhandle Eastern Pipe Line shippers, industry associations and customer advocate groups have accused Panhandle affiliate Southwest Gas Storage of charging “unjust and unreasonable” rates for jurisdictional storage services, and have called on FERC to act quickly to provide some rate relief.

The Commodity Futures Trading Commission on Tuesday filed a complaint in federal district court in Columbus, OH, charging the ex-chief of AEP Energy Services Inc.’s Gulf trading desk with directing his natural gas traders to submit misleading or knowingly inaccurate information on trades to two Platts publications, Gas Daily and Inside FERC’s Gas Market Report (IFERC).

Charging Houston Exploration with corporate waste and breach of its fiduciary duty to shareholders, hedge fund JANA Partners LLC, which owns 10% of the independent producer’s common stock, stepped up the pressure on the company Friday, demanding that it open three years of books and accounting records.

Charging ExxonMobil Corp. with a “secret scheme to cheat the state out of its bargained-for royalties,” Alabama’s state attorneys have asked the Alabama Supreme Court to uphold a $3.5 billion judgment against the oil major, considerably above and beyond the amount of royalties in dispute of between $55 and $102 million.