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March 22, 2023
STAMFORD, Conn., March 22, 2023 /PRNewswire/ -- Silver Golub & Teitell LLP (SGT), a national plaintiffs' class action law firm, is investigating whether Macquarie Energy LLC, a major energy trading company, manipulated natural gas trades on the Southern Star trading hub on or around February 17, 2021.
In mid-February 2021, natural gas markets were disrupted by Winter Storm Uri, causing natural gas spot prices to rise significantly. According to Kansas Attorney General's office, Macquarie Energy exploited this by executing economically irrational natural gas trades which aggravated the already-distressed natural gas spot trading market by paying the single highest price every paid for Southern natural gas.
Macquarie's trading activities in and around Winter Storm Uri generated approximately $668.5 million for the company, turning what Macquarie expected to be declining profits for the quarter into an enormous windfall for the company.
Macquarie's trades allegedly artificially inflated the spot price of spot natural gas at the Southern Star trading hub, which in turn directly and necessarily harmed traders in Southern Star natural gas derivatives, including, but not necessarily limited to those who:
(1) bought or sold Southern Star Swing Future contracts whose contract period included February 17, 2021; and
(2) bought or sold Southern Star Index Future contracts whose contract period included February 2021.
SGT believes Macquarie's conduct may constitute violations of the Commodity Exchange Act, 7 U.S.C. §§ 1 et seq., and Rule 180.2, which both broadly prohibit manipulating the prices of commodity-based derivatives.
Specifically, SGT believes Macquarie's conduct may have harmed the following types of trades:
(1) Southern Star Swing Future contracts whose contract period included February 17, 2021; or
(2) Southern Star Index Future contracts or other natural gas derivatives contracts whose contract period included February 2021.
If you held either type of contract and wish to learn more about your rights, please contact SGT Partner Ian W. Sloss at (203) 325-4491 or by email at firstname.lastname@example.org.