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