In August 2016, global trading giant Glencore had a deal with another trading firm to purchase 45,000 tonnes of heavy fuel oil over five days. The price was tied to an assessment published by S&P Global Platts for bunkers at the Port of Los Angeles.
On each of those five days, a Glencore marketer submitted bids into a Platts system and pushed them lower, according to court documents filed as part of an agreement to plead guilty to price manipulation.
