US refiners gain on prospect of access to Venezuelan oil reserves

Shares of refiners gain after U.S. military intervention in oil-rich Venezuela late last week

Brent crude futures LCOc1 up 1.1% at $61.43/barrel and U.S. West Texas Intermediate crude CLC1 up 1.3% at $58.1/ barrel

Prices rise fueled by the prospect of access to Venezuela's vast oil reserves after President Donald Trump said the U.S. would take control of the South American nation following the arrest of its president

This is a clear tailwind for U.S. refining. Increased Venezuelan crude production could materially benefit USGC complex refiners, given their ability to process heavy sour grades into high-value clean products - Theresa Chen, analyst at Barclays

Shares of refiners PBF Energy PBF.N and Valero Energy VLO.N up ~10%, Marathon Petroleum MPC.N rises 5.5%

Par Pacific Holdings PARR.N up 7.4%, Phillips 66 PSX.N up 6.3% and HF Sinclair DINO.N gains ~6%

Separately, PSX said it will acquire assets and infrastructure of Lindsey Oil Refinery in northern England