FIRST TAKE: Renewed US pressure on Venezuela BULLISH for heavy crude in US but BEARISH for US coking refinery margins given Canada, Mexico tariffs   * Sourcing heavy crudes on the USGC will become more difficult and expensive without Venezuelan supplies, especially with US tariffs on imports from Mexico and Canada expected to begin as soon as March 4. * Some USGC refiners are likely to shift to lighter grades — within limits — but this may result in lower overall US refinery runs. * This may also cut Venezuelan production as Chevron will be forced to cease its operations there.   The reversal of the 2022 license allowing Chevron to operate in Venezuela and import Venezuelan crude — announced on Truth Social by the Trump administration Feb. 26 — is BULLISH for heavy crude prices delivered to the US, especially considering expected tariffs on Mexican oil imports (25%), which recently totaled over 400,000 b/d of crude and residual feedstocks. Those barrels are likely to find markets outside the US. And although the tariffs on Canadian crude imports (10%) will not substantially change availability into PADDs 2, 3, and 4, they will likely be more expensive.   Expensive heavy crude will reduce US coking refinery margins. Refiners will try to shift to other, generally lighter, grades but will likely need to cut overall run rates to do so.   Replacement heavy grades from other Latin American countries are limited and already largely sold into the US.   Venezuelan imports into the USGC were around 217,000 b/d in November, nearly all of which went to Chevron and Valero.   Richard Joswick | James Bambino   Read on Platts Connect: https://tinyurl.com/mr3j68x5