CFTC accuses BP of price manipulation
The US Commodity Futures Trading Commission (CFTC) has accused BP Products North America of price manipulation in the US propane market.
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
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