CFTC accuses BP of price manipulation
The complaint, filed yesterday, alleges that BP traders cornered the February 2004 TET physical propane market by buying enormous quantities of propane futures contracts. This allowed BP to withhold a portion of that propane from the market, therefore artificially driving up the physical propane price. According to the complaint, BP’s actions caused the price of February 2004 TET propane to increase by more than 30% to over 90 cents per gallon on February 27,2004.
TET propane is propane
More on Regulation
Esma sounds out industry for ways to cut reporting burden
Markets watchdog asks consultative groups for ideas to simplify reporting rules
Why EU banks have snubbed revised green finance metric
Banks steer clear of Banking Book Taxonomy Alignment Ratio in droves
Ruled out: can regulators settle the pre-hedging debate?
Market participants are at odds over the practice and whether regulation or principles can settle the score
First green asset ratios come in low as EU banks protest methodology
ABN Amro only bank to break double digits in a sample of 23 lenders
Commodities surge presents UMR test for Asia’s sell side
Increased interest in commodity exotics comes amid scrutiny of margin calculation models
Some see Esma reining in position limits after review
The scope of position limits could shrink to cover just the major benchmarks, one executive argues
Burden of implementing US sanctions now firmly on energy firms
Energy firms must now screen operations of every vessel they deal with, writes maritime data expert
Shipping and energy firms revisit hedging on IMO 2020
Upcoming shipping rules set to impact fuel prices across the energy complex
