Commodities Trading News and Trends
Welcome to the inaugural issue of
Commodities Trading News and Trends, the first in a series aiming to help commodity market participants identify and adapt to the market news and legal developments that impact their commodity trading. Each issue will feature summaries and insights into current topics, ranging from developments in renewable energy to recently enacted federal and state laws andregulations. Our goal is to help you successfully navigate the shifting currents while remaining competitive. Please enjoy this issue.
Renewables
The US offshore wind industry continues to expand as three states agree to collaborate on a large-scale project off the Atlantic coast. Maryland, Virginia, and North Carolina have agreed to collaborate on offshore wind projects, offering an alternative model for states to pursue their climate related goals. This collaboration has two related aims: to advance regional offshore wind projects and to promote the Sou
In the CFTC Order, Vitol consented without admitting or denying
[5] to the entry of findings that the company is liable for corrupt, fraudulent, “manipulative and deceptive” conduct involving state-owned entities (“SOEs”) in Brazil, Ecuador, and Mexico.
[6] Vitol admitted to the findings in the DOJ DPA,
[7] which cover substantially the same conduct as the CFTC Order, but does not include the attempted energy market manipulation that the CFTC alleged violates the CEA.
[8] In related actions in 2019 and 2020, the DOJ also charged several individuals, including a U.S.-based former Petrobras official involved in the Brazilian scheme, and a Houston-based Mexican citizen and former Vitol trader for his role in the Ecuador scheme.