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US regulators allege Total rigged natural gas market for 3 years

French firm is accused of having made intentionally losing trades to affect index prices on at least 38 occasions

Published Thu, Sep 24, 2015 · 09:50 PM
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New York

US federal energy regulators extended their years-long effort to crack down on a contested form of market manipulation on Tuesday, alleging that French firm Total SA and two of its traders rigged southwestern natural gas prices for years.

In a brief notification posted on the Federal Energy Regulatory Commission's (FERC) website, Total was alleged to have made intentionally losing trades - known as "uneconomic" trading - in order to affect index prices on at least 38 occasions between June 2009 and June 2012. Those losses would be offset by larger gains on other related positions, FERC said. It did not mention any potential penalties or fines.

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