Physical

Brief — National Energy & Trade

Staff of the Federal Energy Regulatory Commission’s (FERC) Office of Enforcement (OE) said it has preliminarily determined that National Energy & Trade LP violated FERC’s Prohibition of Natural Gas Market Manipulation “by fraudulently trading physical basis at Texas Eastern M3 (Tetco M3) during the January 2012 bidweek to increase the value of its financial basis position.” OE staff alleges that Houston-based National Energy sold physical basis at Tetco M3 at arbitrarily low prices early in the morning to benefit a large short financial basis position acquired before bidweek, a large part of which it repurchased after making its physical basis sales. Staff also alleges that National Energy fraudulently traded physical basis at Henry Hub during the April 2014 bidweek to increase the value of its financial exposure, by trading physical basis after the close of the NYMEX solely to benefit its exposure to the Henry Hub Inside FERC index.

August 9, 2016
NatGas Cash, Futures Glide Lower Following Storage Report

NatGas Cash, Futures Glide Lower Following Storage Report

Physical gas for Friday delivery slipped in Thursday’s trading as traders for the most part elected to get deals done before the 10:30 a.m. EDT release of government inventory data.

May 5, 2016
NatGas Cash, Futures Glide Lower Following Storage Report

NatGas Cash, Futures Glide Lower Following Storage Report

Physical gas for Friday delivery slipped in Thursday’s trading as traders for the most part elected to get deals done before the 10:30 a.m. EDT release of government inventory data.

May 5, 2016

Physical NatGas Slips 6 Cents; Futures Probe 14-Year Lows

Physical gas for Tuesday delivery carried on with the kind of losses incurred in Friday for weekend trading, despite near-term temperature forecasts at eastern points expected to take a drop by midweek. Some eastern points were significantly higher, but the NGI National Spot Gas Average fell 6 cents to $1.64.

December 14, 2015

Serene Cash Market In Sharp Contrast To Free-Falling Futures; November Drops 22 Cents

The physical natural gas market for next-day deliveries was mostly steady Monday, but futures trading grabbed center stage as traders digested a second round of weather forecasts calling for near-term warmth.

October 26, 2015
Weekly Natgas Weakens, But Equity Markets Spiral Lower

Weekly Natgas Weakens, But Equity Markets Spiral Lower

There were a lot of long faces in both the energy and financial markets for the week ended Aug. 21. Natural gas physical and futures both sustained a double-digit drubbing and the NGI Weekly Spot Gas Average fell 14 cents to $2.54. That, however, paled in comparison to the 531-point swan dive the Dow Jones Industrial Average took on Friday.

August 21, 2015
Barclays Seeking Sale of North American NatGas Assets This Month

Barclays Seeking Sale of North American NatGas Assets This Month

Barclays Bank plc intends to sell all of its physical natural gas assets in North America and will be accepting bids from potential buyers through July 29, the UK banking giant said in documents filed at FERC.

July 2, 2015

Physical Natural Gas, Futures Part Ways

The natural gas physical and futures markets moved in divergent directions Monday as the physical market responded to some unseasonable eastern weather patterns.

May 11, 2015

FERC Staff Files Testimony Backing Charges That BP Manipulated NatGas Market in 2008

The “Texas team” of BP’s Southeast gas trading desk engaged in next-day fixed-price natural gas trading at the Houston Ship Channel (HSC) in 2008 in order to benefit its HSC-to-Henry Hub spread position tied to the index, according to testimony by industry analysts filed at FERC Monday by the agency’s Office of Enforcement (OE) staff.

September 23, 2014

Federal Reserve Pursues Question of Banks in Commodity Markets

Citing disasters involving commodities, from the Macondo oil spill in the Gulf of Mexico to recent crude oil tanker train crashes to the Three Mile Island nuclear leak in 1979, the Federal Reserve Board on Tuesday said it was re-examining the risk involved in the physical commodity activity of financial holding companies (FHC). The banking agency issued an advance notice of proposed rulemaking seeking comment on how to limit risk.

January 14, 2014
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