Just a question fellas.
Why exactly does a physical oil trader exist and how do they capture profit in the grand chain ?
I noticed that
crude oil -> refinery -> refinery sells to commodity traders (Glencore, Trafigura, Gunvor, Vitol, etc). -> trader sell to someone else
How exactly does a Glencore profit when the refinery can sell directly to whoever the true end customer is ?
I don't understand the job of traders if refineries can just cut them out. It amuses me that refineries don't just sell to the true end customer.