TotalEnergies Made Middle East Oil Mega-Trades After Noticing US Navy Buildup in Gulf in February, CEO Says

By America Hernandez

PARIS, May 28 (Reuters) – French oil major TotalEnergies TTEF.PA made the decision to buy large amounts of Middle East crude in March after its traders noticed the U.S. Navy amassing ships near the Gulf in February, its CEO told French newspaper Le Figaro in an interview published on Thursday.

“Our oil traders — and it’s their job — noticed that the U.S. Navy was massing ships around the Persian Gulf in February. They decided to take a position counter to the market, which was trending down at the time, and to buy, saying something was about to