U.S. stocks move: U.S. refiners benefit, Valero Energy rises over 5%

Glonghui, January 7th｜PBF Energy rose by 8.5%, Valero Energy gained over 5%, Phillips 66 increased by 4.3%, HF Sinclair climbed 3%, and Marathon Oil was up by 2.7%. In terms of news, on Tuesday, Trump announced that Venezuela would transfer 30 to 50 million barrels of sanctioned oil to the United States and sell it at market prices. Phillips 66, one of the largest refiners in the US, analyzed that the potential restart of Venezuela's oil industry would provide significant support to fuel producers who rely on heavy crude oil. Venezuela used to produce about 3 million barrels of heavy crude oil per day, and its existing refining facilities were designed for this type of oil. In addition, well-known investor and "Big Short" Michael Burry disclosed that he has held shares of Valero Energy since 2020. As the US becomes increasingly involved in reviving Venezuela's oil industry, he believes the attractiveness of this position continues to grow. He also pointed out that even if the supply of Venezuelan crude oil only recovers gradually, small and medium-sized refiners such as PBF Energy and HF Sinclair could also benefit. (Glonghui)