CFTC Fines TotalEnergies Trading $48 Million

The U.S. Commodity Futures Trading Commission (CFTC) has fined TotalEnergies Trading SA (TOTSA) $48 million for allegedly attempting to manipulate the market for EBOB, a gasoline benchmark used in Europe. The CFTC found that in March 2018, TOTSA sold large quantities of physical EBOB at reduced prices while holding a short position, thereby attempting to lower the market price to benefit its trading profits. The regulator emphasized that such actions undermine market integrity and will not be tolerated. Although TOTSA provided some cooperation during the investigation, it failed to preserve key WhatsApp communications. This case follows other recent fines against energy traders, including Trafigura and Glencore, for similar market manipulation allegations. TotalEnergies has not yet commented on the ruling.