On December 4, the Federal Energy Regulatory Commission (FERC) issued an order reaffirming FERC’s authority to sanction manipulation of natural gas prices. In doing so, FERC rejected the argument that had been made by Amaranth Advisors, L.L.C. and its affiliates that the Commodity Futures Trading Commission has exclusive jurisdiction over natural gas futures trading, and found that both agencies have enforcement authority when manipulation of futures trading affects markets overseen by FERC.