Riding Bulls and Wrestling Bears
Riding Bulls and Wrestling Bears
Happy New Year!
2026 has kicked off with plenty of excitement as the U.S. takes control of Venezuela’s oil industry—home to some of the world’s largest heavy sour crude reserves.
This move could reshape global energy markets, impact heavy crude pricing, and create ripple effects for producers in Canada and beyond.
The U.S. move to secure Venezuela’s vast heavy sour crude reserves is a game-changer for global energy markets. With Gulf Coast refineries optimized for heavy crude, this shift strengthens U.S. refining margins and strategic leverage. Expect pressure on Alberta's producers (WCS) as Venezuelan supply re-enters the market, potentially narrowing differentials and reshaping trade flows. Investors should watch for volatility in heavy crude spreads and refining equities as geopolitics and infrastructure constraints drive pricing dynamics.
David B Caseley, CIM
Portfolio Manager
Caseley Wealth Management
David Caseley: 780-414-2574
David Reavie: 780-414-2532
david.caseley@raymondjames.ca
www.ridingbulls.ca
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