BP under fire from CFTC
The US Commodity Futures Trading Commission (CFTC) has charged BP Products North America with price manipulation in the US propane market.
The complaint, filed on June 28, alleges that BP traders cornered the February 2004 TET physical propane market by buying enormous quantities of propane forward 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
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