A Single Oil Trading Firm Is Fueling a Price Runup in US Barrels

Physical strength compounds futures rally as supply tightens
Robust demand driven by high refining margins, export pull

WATCH: Atlantic Trading and Marketing is bidding up the US physical crude market. Anthony di Paola reports on Bloomberg Television.Source: Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Devika Krishna Kumar, Julia Fanzeres, and Alex Longley

September 19, 2023 at 7:19 PM UTC

This article is for subscribers only.

Atlantic Trading and Marketing Inc., the trading arm of France’s TotalEnergies SE, is bidding up the US physical crude market, according to people familiar with the deals.

West Texas Intermediate crude for delivery at Cushing, Oklahoma, has jumped to its highest premium since November, and that’s on top of futures surging above $90 a barrel. Overseas buyers must pay an additional $1-$2 barrel to get the crude shipped to the Gulf Coast for export.