On Wednesday, the U.S. stock market saw a rally in the oil and gas refining and marketing sector. PBF Energy (PBF.US) surged more than 5%, while Valero Energy (VLO.US) climbed over 4%, breaking its all-time high. Phillips 66 (PSX.US), Marathon Petroleum (MPC.US), and HF Sinclair (DINO.US) each gained more than 2%.
The rally followed news that former President Donald Trump stated on Tuesday that Venezuela would transfer 30 to 50 million barrels of sanctioned oil to the United States, to be sold at market prices. Phillips 66 indicated that a potential restart of Venezuela's oil industry would provide a significant boost to fuel producers reliant on heavy crude oil.
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