The U.S. Commodity Futures Trading Commission (CFTC) filed charges Thursday against Matthew Doyle, a natural gas futures broker, for allegedly causing fake natural gas futures orders to be traded on the New York Mercantile Exchange (Nymex), resulting in million of dollars in losses to his employer, Natural Futures LLC (NFL).
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CFTC Targets Phone Clerk for Faking Gas Futures Trades
The U.S. Commodity Futures Trading Commission (CFTC) filed charges Thursday against Matthew Doyle, a natural gas futures broker, for allegedly causing fake natural gas futures orders to be traded on the New York Mercantile Exchange (Nymex), resulting in million of dollars in losses to his employer, Natural Futures LLC (NFL).
CFTC Fines Six Energy Trading Firms $50M for Reporting Fake Gas Trade Data
The Commodity Futures Trading Commission (CFTC) announced last Wednesday it reached settlements totaling $50 million with six energy trading companies resolving charges that they knowingly reported false information on natural gas trades to index publishers. Two of the firms also were charged with attempted manipulation of gas prices.
CFTC Fines Six Energy Trading Firms $50M for Reporting Fake Gas Trade Data
The Commodity Futures Trading Commission (CFTC) said Wednesday it reached settlements totaling $50 million with six energy trading companies resolving charges that they falsely reported information on natural gas trades to index publishers. Two of the firms also were charged with attempted manipulation of price indexes.
Ex-Dynegy Trader Indicted, Arrested on Charges of False Price Reporting
A dismissed Dynegy Corp. trader has been indicted on charges that she reported fake natural gas trades on three separate occasions in late 2000 and early 2001 to an energy publication for use in calculating its index price for gas.
Morgan Stanley Subpoenaed By CFTC; Dynegy Fires Six for Fake Data Scheme
Morgan Stanley Capital Group Inc. revealed in a filing with the Securities and Exchange Commission last week that it has been subpoenaed by the Commodity Futures Trading Commission (CFTC) as part of an energy trading investigation. The company, which markets gas and power, said it would cooperate with the CFTC but failed to provide further details about the investigation.
Futures Trading Gets Late Boost From Storage
For the third time in as many days the futures market gavetraders a head fake on the open, only to retrace during theremainder of the session. However, while the price action Mondayand Tuesday was down, then up, the opposite was true yesterday.Feeding off gains achieved during Tuesday’s Access trading session,the December contract notched its $2.905 high moments after theopen and proceeded to chop lower throughout the day. But thoselosses proved inadequate to overcome earlier gains and that enabledthe prompt contract to break its string of declines at 4 days,finishing instead up 3.6 cents at $2.873.
Cash Market Goes Into Anticipated Swoon
Prices failed to fake out anyone Wednesday. With Tuesday’s latesoftness on the Nymex screen carrying over into Wednesday and thesubsidence of “the big bakeoff” in the Northeast, as one producercalled it, it didn’t take a crystal ball to make a bear marketcall. The larger declines on either side of a dime tended tocluster in the Gulf Coast, Appalachian, Northeast, Midcontinent andMidwest markets, while western drops generally were around a nickelor less. Unlike the late screen-related fallbacks reported Tuesday,traders said a number of points saw slight upticks in late dealsWednesday.
Initial Futures ‘Head Fake’ Higher Fools Nobody
After an early attempt to take out prior highs was rebuffedyesterday, natural gas futures trickled down to easily establish anew low for the week at $2.19. Bears were egged on by a number offactors, which include a rapidly deteriorating technical pictureand expected weekend physical demand fall-off, sources agreed. TheJune contract finished at $2.218, down 3.6 cents for the day.
Futures Spring to Life on Weather Forecasts
The futures market gave an early “head fake” — pointing lowerat the open — but support held and the market picked up momentumthroughout the trading session Monday. The December contract spikeddramatically higher near the close, registering a 11.2 cent advanceto $2.387. Despite the large trading range, volume was a little onthe light side with only 50,263 contracts changing hands.