French energy market regulator CRE announced Tuesday the decision of the Dispute Settlement and Sanctions Committee (CoRDiS) in fining Vitol €5 million for gas market manipulation.
The regulator said the market manipulation on the French Southern Virtual Gas Trading Point was made between June 1, 2013 and March 31, 2014.
'First, Vitol would issue multiple sell orders, generally at the beginning of the trading day (especially before 3 p.m.), when liquidity was low. As the day moves along, Vitol would issue sell orders at gradually decreasing prices. These sell orders would then decrease after 4 a.m. during the more liquid period of the day,' CRE said.
'Second, once prices had decreased, Vitol would engage in important purchases. Third, after having proceeded with those purchases, Vitol would cancel its sell orders to finish the day as a net buyer,' CRE added.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr