According to a Reuters article: “In 2004, Shell’s U.S. gas and power trading arm Coral Energy paid $30 million to settle charges it reported fake natural gas trades. Coral did not admit or deny wrongdoing.” On 30 July 2004, The New York Times published a related article under the headline: Shell to Pay $150 Million In Settlement On Reserves. The last paragraph turned to a different subject, stating Separately, the Commodity Futures Trading Commission said on Thursday that Shell’s energy trading unit, Coral Energy Resources, had agreed to pay $30 million to settle accusations that it submitted false price data to publishers. The case is part of the commission’s industry-wide investigation into suspected manipulation of the energy markets. The previous day, 29 July 2004, the U.S. Commodity Futures Trading Commission released a press statement headlined: CORAL ENERGY PAYS $30 MILLION TO SETTLE U.S. COMMODITY FUTURES TRADING COMMISSION CHARGES OF ATTEMPTED MANIPULATION AND FALSE REPORTING. The opening paragraph said: The U.S. Commodity Futures Trading Commission (CFTC) announced today the issuance of an administrative order (order) initiating and simultaneously settling charges of false reporting and attempted manipulation of natural gas transactions by Coral Energy Resources, L.P. (Coral).” The findings in the order included from at least January 2000 through September 2002, Coral reported false, misleading or knowingly inaccurate natural gas trading information, including price and volume information, to certain price reporting firms such as Inside FERCs Gas Market Report, and Natural Gas Intelligence and that Coral attempted to manipulate natural gas prices by delivering trade information to the price reporting firms with the intent to affect the market price of natural gas. The order finds that Coral reported information about trades that never occurred, altered price and volume information for certain trades, and failed to report some actual trades, all with the intent to affect the market price of natural gas. read more
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