Top U.S. buyers of Venezuelan crude oil are in a fix as they now have to return millions of barrels of crude oil due to sanctions on the South American nation, implemented on Jan 28 this year on its state-run energy firm PDVSA. According to a Reuters report, PDVSA’s U.S. refining subsidiary Citgo Petroleum Corp and Valero Energy (VLO) want to return 2 million barrels of crude oil loaded before the sanctions.Both of these were rejected by the U.S. Office of Foreign Assets Control, which oversees sanctions. Chevron, the second-largest U.S. oil firm in terms of market value, further attempted to take the oil shipments in lieu of loans and dividends stemming from joint ventures with PDVSA.

The stock rallied on Wednesday and moved back above the trend line. We also see that the stochastic readings were in oversold territory and just made a bullish crossover.These two factors should be good signs for the stock. The Tickeron AI Trend Prediction Tool generated a bullish signal on Marathon Petroleum on February 11.

A wave of consolidation across the U.S. energy sector continues to hold center stage.In a string of recent M&A deals, the latest to go under the hammer is the much-anticipated deal between Western Gas Equity Partners (WGP, $30.97) and Western Gas Partners (WES, $46.91) – wherein the former has agreed to acquire affiliate Western Gas Partners in an all-equity deal to create a single, simplified midstream company. The above-mentioned transaction consolidates two midstream entities controlled by U.S. oil giant Anadarko Petroleum (APC, $57.79), which will retain a majority stake in the company.

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