EnergyWatch

US authorities fine Statoil for manipulation

According to US authorities, Statoil attempted, over a period of time, to manipulate a propane index in efforts to avoid losses. The Norwegian oil company has been penalized with a fine.

Photo: Harald Pettersen/Statoil

Statoil has entered a settlement agreement resulting in a penalty fine from the US Commodity Futures Trading Commission (CFTC), which finds that the oil company attempted, over a period of time, to manipulate an index to benefit the firm.

If we are buying 17 cargoes there are only a few days when we will not be able to have a good impact on the Argus quote...

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