Michael Giberson Consumers remain wary of attempts to manipulate energy markets, but it can be hard for consumers to tell when markets are being manipulated. For example, JP Morgan has been accused of manipulating the California ISO power market, but the company denies the accusation. The markets are complicated, the regulatory filings in the complaint …
Michael Giberson SMBC on the president and the economy: [HT to Rick Weber for the heads up.]
Michael Giberson Steve Mufson at the Washington Post reports: President Obama proposed measures Tuesday to step up oversight of energy markets and boost by tenfold the penalties for market manipulation, in an effort to blunt political pressure over the 20 percent increase in gasoline prices since the beginning of the year. [Links in source.] Not that the administration has …
Michael Giberson At Streetwise Professor, Craig Pirrong examines the CFTC’s case against alleged oil market manipulators Parnon Energy, Arcadia Petroleum LTD and Arcadia Energy (Suisse), all affiliates of the trading firm Arcadia. Whatever the ultimate merits of the case, he says the CFTC is going to have trouble making the charges stick. In part the …
Michael Giberson “By the Justice Department’s calculations, Keyspan’s anti-competitive actions resulted in it receiving almost $49 million. The settlement submitted by the Justice Department would let Keyspan keep $37 million from its anti-competitive actions. Netting $37 million for anti-competitive conduct is not a penalty, it is not a deterrent, it is a reward.” “Anything short …
Another Comment on United States V. Keyspan Corporation Read More »
Michael Giberson Among the complications caused by the cold weather last week, short supply of natural gas throughout much of the southwest United States. Reports indicate some gas wells were freezing up and loss of electric power to gas production systems, but more of the problem was loss of power to natural gas pipelines. And, …
The Natural Gas That Didn’t Come in from the Cold Read More »
Michael Giberson The Justice Department of the United States has agreed to a $12 million settlement with KeySpan Corporation on a Sherman antitrust act claim. The allegation was that KeySpan manipulated the New York ISO capacity market price in its part of the state from May 2006 through February 2008, reaping an estimated $49 million …
United States V. Keyspan Corporation Antitrust Case Settles for Paltry $12 Million Read More »
Michael Giberson …yes: cocoa market manipulation says Craig Pirrong. He comes to that conclusion after his examination of price movements in cocoa markets revealed all the fingerprints of a classic squeeze. In brief, Pirrong compared July London cocoa prices against September and November London prices and July New York prices over a period from January …
Cocoa Market Manipulation? The Evidence Suggests… Read More »
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