CFTC v. Glencore International A.G., Glencore Ltd. and Chemoil Corporation (price manipulation, 2022)

Settled

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In May 2022 the CFTC issued an order settling charges against Glencore International A.G., Glencore Ltd. and Chemoil Corporation for manipulating or attempting to manipulate four U.S. Platts fuel oil benchmarks on hundreds of days from 2007 to 2018, and for corruption-related fraud. The total of $1.186 billion consists of a $865.6 million penalty and $320.7 million in disgorgement.

The record

What was ordered

Civil penalty

$866m

Disgorgement

$321m

Prejudgment interest

—

Total relief

$1.2bn

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Commodity Futures Trading Commission announced this matter on May 24, 2022 as release 8534-22. The respondents named are Glencore International A.G., Glencore Ltd. and Chemoil Corporation (0 individuals, 3 entities).

The order finds Glencore traders acted with specific intent to move Platts price assessments to benefit trading positions in physical fuel oil and related futures and swaps. A parallel criminal matter is referenced. This library tags the matter as price manipulation.

The relief recorded in our data is a civil monetary penalty of $865,630,784, disgorgement of $320,715,066. Penalty and disgorgement are distinct: disgorgement returns the gain, while the penalty is punitive. We store them separately so that aggregate figures across the library are not double-counted.

The release references a parallel criminal proceeding. Where a criminal case exists, the civil and criminal outcomes are recorded separately, because they resolve on different standards of proof.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Price manipulation — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2022-05-24 CFTC release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• CFTC release
• CFTC order or complaint

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 20, 2026. submit a correction.