I don’t know but this is very crucial getting right me being invested in energy. I don’t want to be caught with my pants down once the war ends.
“me being invested in energy”...
Heavy Venezuelan crude supply is now restarting into the US, which should place some downward pressure on prices. The heavy Russian crude that replaced the Venezuelan in those Gulf Coast refineries set up for that kind of oil, now has to be re-replaced by the Venezuelan stuff, because of the Ukraine War.
OilPrice.com reports (https://oilprice.com/Latest-Energy-News/World-News/US-To-Receive-3-Million-Barrels-Of-Venezuelan-Crude-Oil-In-February.html ):
“The United States is on track to receive nearly 3 million barrels of crude oil from Venezuela this month, according to shipping documents seen by Reuters.
Chevron is on track to ship 100,000 barrels of Venezuelan crude oil per day into the United States as part of a license it received from the U.S. Treasury Department that gives it a limited pass to move sanctioned oil, after a three-year ban.
Since obtaining its license, Chevron has exported Venezuelan crude oil for use in its Pascagoula, Mississippi, refinery, and has sold some to Phillips 66 and Valero Energy, shipping documents show—both in the United States.
Under Chevron’s limited authorization, profits from the sale of oil and petroleum products would go to paying down PDVSA’s debt to Chevron and not boosting state-run PDVSA’s profits.
Venezuela’s heavy crude oil is prized by U.S. refiners, who, until recently, looked to Russia’s heavy crude to replace it.”