Phillips 66 Positions Gulf Refineries to Run More Venezuelan Crude

Phillips 66 disclosed at a Goldman Sachs conference that two of its Gulf Coast refineries are configured to handle rising volumes of Venezuelan crude, positioning the company to capitalize on any sustained increase in sanctioned barrels returning to the market. The move could modestly influence seaborne supply dynamics for both Oil – Brent Crude and U.S. benchmark Oil – US Crude, as heavier Venezuelan grades are blended and processed along the U.S. Gulf, potentially affecting regional refining margins and differentials between heavy and light crude streams.

Over the past month, prices for Oil – US Crude (CM:CL) have eased by about -0.95%, while Oil – Brent Crude (CM:BZ) has fallen roughly -1.25%, reflecting a softer demand outlook and ongoing reassessment of supply risks, including incremental flows from Venezuela. From a short‑term technical perspective, both benchmarks currently register a 1‑day Hold signal for CM:CL and a 1‑day Hold signal for CM:BZ, suggesting neither clear bullish nor bearish momentum as traders weigh potential shifts in Gulf Coast refinery runs and crude quality spreads. Investors can explore more updates, prices, and analysis across global markets at Commodities.