Vitol and SK Settle California Fuel Probe for $50 Million (1)

California’s attorney general said it reached a $50 million settlement with commodity traders Vitol Groupand SK Energy Americas Inc. after it alleged the firms acted together to manipulate local gasoline markets.

It’s the latest instance in which commodity traders have faced legal enforcement over market manipulation in the US. Vitol and SK Trading were alleged to have manipulated Californian gasoline markets in 2015 when a refinery in Torrance exploded.

“Vitol is pleased the matter has been resolved,” a Vitol spokesperson said in a statement. “Any allegations of wrongdoing by Vitol are untrue and unfounded.”

SK Energy Americas didn’t respond ...