By OGJ editors
HOUSTON, May 13 -- The US Commodity Futures Trading Commission has issued subpoenas to natural gas storage companies requesting their records in an investigation into price increases in late 2003 and early 2004, two companies confirmed.
Spokeswomen from Oneok Inc., Tulsa, and TXU Corp., Dallas, both acknowledged receiving subpoenas from the CFTC.
At least one other company reportedly is involved, but their representative was not immediately available for comment.
In a one-paragraph statement, Oneok said that there was an "industrywide investigation related to activities affecting the price of natural gas during Oct. 31, 2003, to Jan. 2, 2004. The CFTC specifically requested information related to the reporting of natural gas storage information to the Energy Information [Administration]. Oneok is complying with the subpoena and will cooperate fully with the CFTC's investigation."
TXU confirmed that it was supplying CFTC with records from both the parent company and its subsidiary, TXU Fuel, in efforts to cooperate fully with the investigation.
In late January, CFTC said it was reviewing natural gas price increases from late 2003 to determine if there was any indication of possible manipulation. Traders and investors use the EIA numbers to determine gas supply trends and to help them make decisions.