Citgo’s Return to Venezuelan Crude Highlights Shifts in Oil Trade and Bullish Price Momentum

Citgo Petroleum has reportedly purchased Venezuelan crude for the first time since U.S. sanctions were imposed in 2019, according to sources cited by Reuters, marking a notable shift in trade flows that could influence global benchmarks such as Oil – Brent Crude and U.S. benchmark Oil – US Crude. The refiner, which operates over 800,000 barrels per day of capacity and is undergoing a court-ordered auction tied to creditor claims against PDVSA, is moving to secure feedstock from its former parent’s home country under U.S. oversight. The development underscores the gradual easing and recalibration of U.S. policy toward Venezuelan oil, with potential implications for medium and heavy crude supply into the U.S. Gulf Coast and the broader seaborne crude market.

Over the past month, prices for Oil – US Crude have advanced about 10.76%, while Oil – Brent Crude has climbed roughly 11.35%, reflecting tighter supply expectations and ongoing geopolitical risk premia. From a short-term technical perspective, both benchmarks currently register a 1-day Buy signal for U.S. crude and a 1-day Buy signal for Brent, suggesting bullish momentum remains intact despite policy uncertainty around sanctioned producers such as Venezuela. Investors can explore more updates, prices, and analysis across global markets at Commodities.