Overview
Moeve (formerly Cepsa) is a Spanish energy company. During the 2026 Hormuz crisis, it appeared as a buyer of physical crude at record premiums in European markets.
Physical Market Activity (April 14, 2026)
On April 14, 2026, Moeve purchased a May 5-9 WTI Midland cargo from Chevron at Dated Brent +$21.85 CIF Rotterdam. This was one of several documented transactions illustrating the extreme premiums European refineries were willing to pay for alternative crude supply as Strait Of Hormuz|Gulf flows were disrupted.
Significance
Moeve's willingness to pay record Brent-linked premiums reflected the broader stress on European refining capacity during the Hormuz crisis, where Spanish and other European refiners faced acute crude supply constraints driven by the diversion of US barrels to higher-value European destinations.
References
- Daily Brief: Apr 14, 2026 — HFI Research physical market data--- institutions/Moeve.md
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Source
Compiled from oil-shock-monitor-kb daily briefs and institutional sources.