The case alleges collusion to manipulate spot prices among Shell, BP, Statoil, Morgan Stanley, Vitol, the Dutch trading giant Trafigura Beheer BV and others since 2002…
Joel Kirkland, E&E reporter:
A U.S. investigation into whether the world’s biggest crude oil traders fix prices has sparked an escalating and high-stakes court battle over the disclosure of records.
Royal Dutch Shell PLC, Vitol Group and Plains All American Pipeline LP have joined Morgan Stanley in a federal court case that aims to stop mounds of trading data given to U.S. regulators from being used in civil cases alleging market manipulation by a trading house controlled by Norwegian shipping magnate John Fredriksen.
“By providing false and inaccurate information and engaging in false or sham trading, defendants undermined the entire pricing structure for the Brent crude oil physical and futures markets,” claims an Oct. 4, 2013, class-action suit filed in a U.S. district court in Manhattan.
The case alleges collusion to manipulate spot prices among Shell, BP, Statoil, Morgan Stanley, Vitol, the Dutch trading giant Trafigura Beheer BV and others since 2002, a period during which physical and financial oil trading shifted into high gear.