US-based global commodities information provider, Platts, has published a report to show that its European fuel oil price assessments have not been distorted by information provided by Switzerland-based Rixo Trading International.

Platts has published the review refuting a recent article published by The Wall Street Journal on 19 June.

The Wall Street Journal published an article quoting Rixo trader Halis Bektas as saying that when he was scheduled to buy large quantities of fuel oil, he could drive prices down by offering "to sell small quantities…and report those offer prices to Platts."

Commenting on the review, Platts president Larry Neal said, "Platts’ sole objective is to publish price assessments that reflect true market value. We take any allegations of price manipulation very seriously and will investigate any specific allegations."

"When The Wall Street Journal published its source’s name, we had sufficient information to undertake an in-depth analysis that proved that no data submitted by Rixo during the lengthy period reviewed ever compromised the integrity of Platts’ published prices," Neal added.

In the review, Platts has provided detail of Rixo’s participation in its price assessment processes from the beginning of 2006 through to mid-2011, when Rixo last participated in the Platts price assessment process.