A single oil trading firm sparking price run-up for U.S. physical crude (Bloomberg report)

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A single oil trading firm sparking price run-up for U.S. physical crude (Bloomberg report)

Bloomberg with the report (gated) saying that the trading arm of French oil and gas producer TotalEnergies is bidding up the U.S. physical crude market.

In brief:

• 
  WTI crude for delivery at the Cushing hub in Oklahoma has jumped to its highest premium since November
• 
  
  TotalEnergies' willingness to pay up for WTI crude is a reflection that high refining margins are driving competition for U.S. oil as global supplies have tightened significantly
• U.S. refining margins remain historically high at ~$30/bbl even as plants enter seasonal maintenance

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: A single oil trading firm sparking price run-up for U.S. physical crude (Bloomberg report)

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