Trading group fined $12 million for inflating oil price
CFTC fines ConAgra Trade Group for artificially pushing crude to $100 per barrel in January 2008, the year prices hit all-time peak of $147 per barrel
The US Commodity Futures Trading Commission (CFTC) yesterday announced the filing and settlement of charges against ConAgra Trade Group (CTG) for causing a non-bona fide price to be reported in the Nymex crude oil futures contract on January 2, 2008.
The CFTC’s order finds CTG was the first to purchase Nymex crude oil futures contracts at the then-historic price (also known as a 'print') of $100 on January 2, 2008. “As a result of CTG’s effort to be the first to trade at the $100 level, CTG
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