A trading unit of TotalEnergies SE, a French oil major, has been fined $48 million by the US Commodity Futures Trading Commission (CFTC) for attempting to manipulate gasoline markets. The unit, TOTSA TotalEnergies Trading SA, was accused of trying to manipulate futures contracts linked to EBOB, a fuel primarily used in Europe.
The CFTC alleged that in 2018, TOTSA traders sold large quantities of EBOB fuel at lower prices to benefit from a short position in EBOB-linked futures, aiming to increase the company’s trading profits. The firm was also cited for failing to adequately preserve certain communications requested during the investigation.
This case follows recent fines against other energy traders, including Trafigura Group and Glencore Plc, for similar allegations of market manipulation.