OIL: Medium Sour Diffs Boosted by Trump Move on Venezuela
Feb-27 12:13
Trump’s decision to revoke a Biden era license allowing Chevron to operate in Venezuela gas driven up differentials for medium sour crude grades such as Mars Blend, according to ING, cited by Bloomberg.
- Chevron was given a license exempting it from the restrictions on dealing with Venezuela’s PDVSA and allowing it to export some Venezuelan crudes to the US.
- the Mars-WTI differential jumped by more than $1 a barrel to $1.71, ING said, reflecting a view of tightening sour grades compared to sweet supply.
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