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

<p><a href="https://www.bloomberg.com/news/articles/2023-09-19/a-single-oil-trader-is-fueling-a-price-runup-for-us-barrels" target="_blank" rel="nofollow">Bloomberg with the report</a> (gated) saying that the trading arm of French oil and gas producer TotalEnergies is bidding up the U.S. physical crude market.</p><p>In brief:</p><ul><li>
WTI crude for delivery at the Cushing hub in Oklahoma has jumped to its highest premium since November</li><li>

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</li><li>U.S. refining margins remain historically high at ~$30/bbl even as plants enter seasonal maintenance</li></ul>

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