How TotalEnergies Lost $48M Trying to Game European Gasoline Markets
A deep dive into cross-market arbitrage gone wrong and the mechanics of commodity benchmark manipulation
In March 2018, one company controlled 60% of European gasoline trading volume. By August 2024, they owed regulators $48 million. Here’s how TOTSA TotalEnergies’ “perfect” arbitrage strategy became a masterclass in what not to do.
This case study is a part of series examining real hedge fund trades and market manipulation schemes — focusing on one critica…
