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
