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Single Oil Trading Firm Triggers Rise in U.S. Physical Crude Prices (Bloomberg Report)


Bloomberg with the (gated) report that the trading arm of French oil and gas producer TotalEnergies is upping the ante on the physical market for U.S. crude.

In short:

  • WTI crude destined for delivery to the Cushing hub in Oklahoma hit its highest premium since November

  • TotalEnergies’ willingness to pay for WTI crude reflects the fact that high refining margins are spurring competition for U.S. oil as global supplies have tightened significantly.

  • U.S. refining margins remain historically high at around $30/barrel, even as plants enter seasonal maintenance