The United States’ Commodity Futures Trading Commission (CFTC) said on Tuesday it has fined Norway’s Statoil $4m for manipulating the marketplace.
CFTC, an independent agency of the US government that regulates futures and options markets, found that Statoil interfered with the Argus Far East Index (FEI), an index of propane prices, by purchasing propane cargoes during the FEI’s price-setting window.
Statoil, in which Norway’s government has a majority stake, is one of the world’s leading oil companies with interests globally including projects in the Gulf of Mexico.
As well as the fine it has been ordered to desist from breaking the Commodity Exchange Act.
Statoil said that it had worked co-operatively with the CFTC to resolve this matter.