Sunday, January 29, 2023
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Market US

U.S. oil refiners’ shares rebound to pre-lockdown levels

June 10, 2020
in US
U.S. oil refiners’ shares rebound to pre-lockdown levels
Share on FacebookShare on Twitter


Latest Oil MArket NewsPosts

TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

Trump Extracts Campaign Cash in Texas Oil Fields

Oil Slides With Expected U.S. Supply Gain Amplifying Demand Woes

FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri

(Reuters) – Wall Street is betting on a strong recovery from the coronavirus pandemic by pouring money into shares of U.S. oil refiners, even though demand for gasoline, jet fuel and diesel remains well below seasonal lows.

Shares of Valero Energy Corp and Marathon Petroleum Corp were trading on Monday at their highest levels since the first week of March. Brokerage Wells Fargo raised its price target on certain independent refiners, saying demand was on an upswing as lockdowns ease across the United States.

“The stock market has definitely priced in an incredibly strong recovery,” said Warren Pies, energy strategist at Ned Davis Research. “Probably more than is taking place.”

Refining stocks have typically performed better than exploration and production companies since at least 2016, according to Refinitiv.

“Investors are accustomed to buying refining when they buy energy because it’s the only sector that hasn’t blown them up in the last ten years,” said a downstream energy investor who requested to remain anonymous.

Many refiners drew down on their cash loads in recent months due to weak demand and poor margins. The refining crack spread, a proxy for margins, is hovering around $11 a barrel, compared with nearly $21 at the same time last year.

U.S. fuel demand dropped by nearly 30% due to lockdowns to manage the pandemic. As of the end of May, gasoline and distillate demand was still 20% lower year-on-year, product exports fell 14% and distillate inventories were at their highest since September 2010, according to government data.

Credit Suisse has lowered second and third quarter earnings estimates for refiners, citing product builds. Analyst Manav Gupta pointed to the closing of a Cheyenne, Wyoming refinery.

“We don’t believe Cheyenne is the last refinery in the U.S. that will be shuttered or converted,” he wrote.

Reporting by Laura Sanicola; Editing by Marguerita Choy

Our Standards:The Thomson Reuters Trust Principles.



Read More: U.S. oil refiners’ shares rebound to pre-lockdown levels

Tags: Asia / Pacificcrude oilEnergy (TRBC)EQUITIESEquities MarketsGasolineJet Fuel / KeroseneLevelsMiddle DistillatesNatural Gas LiquidsNauruNorth America (Energy)oilOil and Gas (TRBC)Oil and Gas Refining and Marketing (TRBC)Oil RefineriesprelockdownREBOUNDRefined ProductsRefineriesrefinersSharesUSUSA

Related Posts

TC Energy says new U.S. permit to boost Keystone pipeline oil exports by
US

TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

by Oil Market
July 31, 2020
0

The CEO of TC Energy Corp. says the company will begin moving more oil from Western Canada into the...

Read more
Trump Extracts Campaign Cash in Texas Oil Fields
US

Trump Extracts Campaign Cash in Texas Oil Fields

by Oil Market
July 30, 2020
0

WHITE HOUSE - On a visit to Texas less than 100 days before this year’s election, U.S. President Donald...

Read more
Oil Slides With Expected U.S. Supply Gain Amplifying Demand Woes
US

Oil Slides With Expected U.S. Supply Gain Amplifying Demand Woes

by Oil Market
July 29, 2020
0

(Bloomberg) -- Oil declined as investors shifted their focus to domestic supply, with expectations for another build in already...

Read more
Lime Oil Market with Competitive Analysis, New Business Developments and
US

Lime Oil Market with Competitive Analysis, New Business Developments and

by Oil Market
July 28, 2020
0

 Lime Oil Market Overview 2020 – 2028 This has brought along several changes in This report also covers the...

Read more
Castor Oil and its Derivatives Market Size, Share Production & Consumption
US

Castor Oil and its Derivatives Market Size, Share Production & Consumption

by Oil Market
July 27, 2020
0

This Castor Oil and its Derivatives Market report includes worldwide topmost prime manufactures like (Jayant Agro, Arkema, NK Industries,...

Read more
US Gulf Region Still Struggling 10 Years After BP Oil Spill
US

US Gulf Region Still Struggling 10 Years After BP Oil Spill

by Oil Market
July 26, 2020
0

NEW ORLEANS, LOUISIANA - Ten years after the catastrophic BP oil spill in the Gulf of Mexico, Dean Blanchard...

Read more
Next Post
Oil rally and Saudi price spikes could hurt refiners, stifling market

Oil rally and Saudi price spikes could hurt refiners, stifling market

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

What to Watch in Commodities: Virus, Oil, Copper, Iron Ore, IEA

What to Watch in Commodities: Virus, Oil, Copper, Iron Ore, IEA

3 years ago
Environmental law group seeks to stop Alberta inquiry into oil and gas

Environmental law group seeks to stop Alberta inquiry into oil and gas

3 years ago
US judge temporarily closes controversial oil pipeline

US judge temporarily closes controversial oil pipeline

3 years ago
Stand Oil Mist Separator Market 2020 updated COVID-19 crisis for future

Stand Oil Mist Separator Market 2020 updated COVID-19 crisis for future

3 years ago
Reshaping Megatrends InVehicle Lubricating Oil Market With COVID-19

Reshaping Megatrends InVehicle Lubricating Oil Market With COVID-19

3 years ago
Global Enhanced Oil Recovery Market 2020 Industry Research, Segmentation,

Global Enhanced Oil Recovery Market 2020 Industry Research, Segmentation,

3 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com