WEF

ESG/Fiscal Dimensions of Refiner Margin Squeeze: Carbon Pricing (Internal Shadow Prices) and Tax Loss Harvesting – TotalEnergies Case Study

1. Carbon Pricing Framework: Explicit (EU ETS) vs. Implicit/Internal Shadow Pricing TotalEnergies employs an internal carbon price (ICP) or shadow…

2 heures ago

Refiner Margin Squeeze and the 3:2:1 Crack Spread Signal: Technical Analysis with Focus on TotalEnergies (as of mid-June 2026)

Executive Summary The 3:2:1 crack spread serves as a primary proxy for gross refining margins, calculated as: 3:2:1 Crack Spread=2×PGasoline (bbl)+1×PDistillate/Heating Oil (bbl)−3×PCrude (bbl)3\text{3:2:1 Crack Spread}…

6 heures ago