TotalEnergies Profits Over $1 Billion from "Buying+Long" Crude Oil, Potentially Setting Largest Single Trade Gain in Oil Market History

BlockBeats reported that on March 30, influenced by the escalation of the situation in the Middle East and disruptions in the Strait of Hormuz, TotalEnergies made large purchases of Middle Eastern spot crude oil in March and implemented a long strategy with derivatives, accumulating over $1 billion in profits, which may set the record for the largest single profit in petroleum market history.

According to the report, TotalEnergies "took over" approximately 70 vessels scheduled to load crude oil from the United Arab Emirates and Oman in May, doubling the purchase volume compared to February, and established a dominant position amid a sharp decline in market liquidity, driving Dubai crude prices from about $70 per barrel to $170 per barrel.

Industry insiders pointed out that with pricing benchmarks disrupted and fewer deliverable crude oil options, TotalEnergies achieved significant influence on prices by concentrating their positions and linking operations in the "paper market" with tools such as futures and options. At the same time, high oil prices are also increasing cost pressures for Asian buyers and further impacting the current crude oil pricing system.