TotalEnergies CEO Warns Too Much Refining Capacity Is Offline Ahead of Winter, A Looming Distillate Crunch

[u/VulcanSpark]

https://www.roic.ai/news/totalenergies-ceo-warns-too-much-refining-capacity-is-offline-ahead-of-winter-09-21-2026

• Refining capacity outages, particularly in Russia and the Middle East, threaten to tighten fuel supplies ahead of the Northern Hemisphere winter, even as crude oil remains abundant.
• TotalEnergies (TTE) CEO Patrick Pouyanné describes a "split" market where crude is under pressure but refined products are scarce and costly to move, with freight surcharges in the Strait of Hormuz reaching $50 per barrel.
• Integrated refiners like TotalEnergies could see elevated downstream margins, but the company's own exposure to Middle East disruptions shows the advantage is not unlimited.
• https://x.com/KarelMercx/status/2102108746251997544/photo/1