Marathon Petroleum (MPC) to operate refineries at 85% of combined capacity in Q1; purchases two cargoes of Venezuelan crude at the end of January

• Expects ongoing California refinery closures to be a significant tailwind.

Marathon Petroleum's announcement to operate refineries at 85% capacity while purchasing Venezuelan crude indicates a strategic positioning amidst refinery closures in California. This could be positive for margins as reduced supply in that region creates favorable conditions, potentially enhancing their competitive edge in refining operations. Traders should consider how this development might influence MPC's share price and the broader oil market dynamics.