Overview
Phillips 66 is a US-based energy company. During the 2026 Hormuz crisis, it was a notable seller of physical WTI Midland crude into European markets at record premiums.
Physical Market Activity (April 14, 2026)
On April 14, 2026, Phillips 66 sold a May 14-18 WTI Midland cargo to Total at Dated Brent +$22.80 CIF Rotterdam — described as the highest on record for this premium. This transaction illustrated the extreme physical supply scarcity then prevailing in European crude markets, with US refiners competing intensely for alternative supply sources as Hormuz Closure disrupted normal Gulf crude flows.
The deal equated to approximately Dated Brent +$19.90 on an FOB basis.
Significance
The record premium paid for Phillips 66's cargo provided concrete evidence of physical market tightness far exceeding what futures markets were pricing. European refineries were forced to pay unprecedented differentials to secure alternative crude supply in the wake of the Strait Of Hormuz disruption.
References
- Daily Brief: Apr 14, 2026 — HFI Research physical market data--- institutions/Phillips-66.md
Related Articles
Source
Compiled from oil-shock-monitor-kb daily briefs and institutional sources.