October 9, 2018 / 9:31 AM / 9 days ago

French regulator fines Vitol 5 mln euros for gas market manipulation

Oct 9 (Reuters) -

* French energy market regulator CRE fines Vitol 5 million euros for gas market manipulation

* CRE says fines for engaging in market manipulation on the French southern virtual gas trading point “peg sud” between 1 June 2013 and 31 March 2014.

* It said Vitol would issue multiple sell orders, generally at the beginning of the trading day, when liquidity was low.

* As the day moves along, Vitol s.a. 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.

* Second, once prices had decreased, Vitol s.a. would engage in important purchases.

* CRE said after having proceeded with those purchases, Vitol s.a. would cancel its sell orders to finish the day as a net buyer. (Reporting by Bate Felix, editing by Sybille de La Hamaide)

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