Legal
Total Unit Fined $48 Million for Market Manipulation Attempt
- CFTC says trading unit attempted to manipulate gasoline market
- Case is latest in fines being slapped against commodity firms
The TotalEnergies SE headquarters in Paris.
Photographer: Benjamin Girette/BloombergThis article is for subscribers only.
A trading unit of TotalEnergies SE, the French oil major, was fined $48 million by the US Commodity Futures Trading Commission over allegations that the firm attempted to manipulate gasoline markets.
TOTSA TotalEnergies Trading SA attempted to manipulate futures contracts linked to a fuel used primarily in Europe, known as EBOB, the CFTC said late on Tuesday. TotalEnergies declined to comment.