Collapsed

Nearly five years after high-flying hedge fund Amaranth Advisors collapsed with a $6 billion loss, FERC Thursday determined that leading Amaranth trader Brian Hunter manipulated the gas futures market and imposed a civil penalty on him of $30 million (see Daily GPI, Sept. 26, 2006).

Nearly five years after high-flying hedge fund Amaranth Advisors collapsed with a $6 billion loss, FERC Thursday determined that leading Amaranth trader Brian Hunter manipulated the gas futures market and imposed a civil penalty on him of $30 million.

Collapsed hedge fund Amaranth Advisors LLC, seven affiliates and former trader Matthew Donohoe Thursday submitted a joint offer of settlement to FERC to resolve all claims that they manipulated the market to influence natural gas futures prices.

Collapsed hedge fund Amaranth Advisors LLC, seven affiliates and former trader Matthew Donohoe last Thursday submitted a joint offer of settlement to FERC to resolve all claims that they manipulated the market to influence natural gas futures prices.

An already weak natural gas futures market further collapsed on Thursday after the Energy Information Administration (EIA) reported that a whopping 103 Bcf was injected into underground storage for the week ended May 15. The data proved that despite drastic rig reductions, gas is still being stored at a rate that is well above industry expectations. June natural gas futures closed Thursday’s regular session at $3.603, down 36.7 cents from Wednesday’s finish.

FERC Thursday rejected the uncontested joint settlement entered into by its own Office of Enforcement staff with affiliates of collapsed hedge fund Amaranth Advisors LLC and two of its natural gas traders accused of manipulating the market to influence natural gas futures prices.

FERC Thursday rejected the uncontested joint settlement entered into by its own Office of Enforcement staff with affiliates of collapsed hedge fund Amaranth Advisors LLC and two of its natural gas traders accused of manipulating the market to influence natural gas futures prices.

FERC Administrative Law Judge (ALJ) Carmen Cintron last Wednesday certified as uncontested a joint offer of settlement resolving charges that collapsed hedge fund Amaranth Advisors LLC, affiliates and two former natural gas traders manipulated gas trading activity in the futures market.

FERC Administrative Law Judge (ALJ) Carmen Cintron Wednesday certified as uncontested a joint offer of settlement that resolves charges that collapsed hedge fund Amaranth Advisors LLC, affiliates and two former natural gas traders manipulated gas trading activity in the futures market.