Wall Street banks are wading deeper into the business of supplying oil as they compete with oil merchants selling crude to refineries.
JPMorgan Chase, Morgan Stanley and Goldman Sachs have all recently struck deals to supply US refiners. Goldman is now the largest supplier of crude and the largest customer of refined products for refineries owned by Alon USA in California, Louisiana and Texas.
The banks’ growing profile in the market highlights the effect of persistently high oil prices on cash-strapped independent refiners, which have been forced to turn to banks for finance.
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