BP was being monitored under a 2007 settlement agreement with the Justice Department and the U.S. Commodity Futures Trading Commission following charges that it manipulated the market for TET propane in 2003 and 2004.

When the current case was launched in 2013, FERC proposed a $28 million fine for BP, but it is now seeking $48 million – $1 million for each day of misconduct. BP has disputed FERC’s allegations.

In the ruling, the judge said that as the manipulation had gone on for 48 days, he would support a penalty of $48m, even though the company made less than $250,000 in profits.

Cintron’s findings said BP’s manipulation resulted in financial losses during 49 trading days.

Judge Cintron did not decide on the amount of fine that BP plc (ADR) (NYSE:BP) will have to pay to settle the matter.

FERC’s Office of Enforcement said BP traders made uneconomic physical gas sales to suppress the Houston Ship Channel Gas Daily index and boost the value of BP’s financial position.

Other regulators, including the U.S. Federal Trade Commission (FTC), the U.S. CFTC, Japanese Fair Trade Commission and the Korean Fair Trade Commission also opened investigations.

May 2014 – FERC issues order establishing a hearing in July to determine whether BP violated the Natural Gas Act. “BP will appeal this decision to the full commission, as required by federal administrative procedure law”. There is however no statutory deadline for FERC to act. “The evidence overwhelmingly demonstrated that BP’s natural gas traders did not engage in any market manipulation and FERC has no jurisdiction over the trading at issue in any event”.

Some companies, including JPMorgan Chase & Co’s (JPM.N), have opted to pay the FERC fines, but others are fighting them.

The company lowered the price of natural gas at a hub in Houston almost seven years ago, a FERC Administrative Law Judge, Carmen Cintron, concluded in a ruling on Thursday.