Venezuelan supply shock looms as Chevron is pushed to exit

PDVSA has reportedly suspended oil loading authorizations to Chevron, a move that could accelerate the lack of Venezuelan crude availability in the USGC.

Market & Trading calls:

• Bearish on Venezuelan crude supply for April and May as PDSVA’s recent decision that might result in a sharper than expected output drop
• Bullish on heavy crude differentials in LatAm and Canada which will benefit once USGC scrambles for supplies