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

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

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

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Related Knowledge Center: ENERGY BASICS: petroleum

State of Play

While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.

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