Market Chatter: Chevron Loads Venezuela Oil Onto Tankers at Fastest Pace in 7 Months

MT Newswires Live01-09

Chevron (CVX) loaded 1.68 million barrels of Venezuelan oil onto tankers in the first week of January, the most for that period since May and nearly five times more than the same period in December, Bloomberg reported Thursday, citing its vessel movement tracking data.

The company's accelerated loading comes as crude storage facilities in Venezuela are close to full capacity, the report said.

A bulk of Chevron's shipments will go to Phillips 66 (PSX) and the remaining supplies are for Valero Energy (VLO) and Chevron's Pascagoula fuel-making plant, Bloomberg said, citing the data and a person familiar with the matter.

Chevron didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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