Chevron’s Venezuela Strategy Highlights Shifts in Heavy Crude and Gas Pricing

Chevron’s push to boost output of Venezuela’s heavy crude has sharpened investor focus on complex refiners along the U.S. Gulf Coast, where upgraded units are geared to process dense Orinoco barrels into higher-value fuels, and shifts in feedstock mix are feeding through to global benchmarks like Oil – Brent Crude and Oil – US Crude. The evolving Venezuelan supply outlook, following changes to the country’s Hydrocarbons Law, is also influencing expectations for associated gas flows and pricing in markets tied to Natural Gas.

Over the past month, Brent prices have risen about 5.9%, while U.S. crude futures are up roughly 5.8%, moves that align with traders pricing in tighter medium-to-heavy crude balances, and both now show a short-term technical bias of Buy and Buy, respectively. Natural gas has advanced about 15.9% over the same period amid volatility in global LNG and power demand, yet its near-term technical stance screens as Sell, highlighting a disconnect between recent momentum and chart-based signals that could temper bullish positioning.

Investors can explore more updates, prices, and analysis across global markets at Commodities.