CFTC Says It Is Probing Natural Gas Price Spike
The Commodity Futures Trading Commission said it was investigating a spike in U.S. natural gas prices and possible gas market manipulation in late 2003. Until now, the CFTC had refused to confirm it was carrying out such a probe.
The agency said it was examining why gas futures contracts traded on the New York Mercantile Exchange more than doubled in price during a short period starting last November.
In a Jan. 13 briefing with Senate staff members, CFTC investigators said they had found no evidence that NYMEX traders had tried to manipulate natural gas prices, a Senate aide said.
The agency did not say Wednesday if it had found evidence of illegal activity since the meeting with the Senate staff.
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