U.S. refineries have benefitted from strong foreign demand for diesel fuel. Diesel is an attractive option for exports as the margins are usually higher than other fuels. Refineries along the Gulf Coast have an advantage when compared to their competitors as they have greater access to pipelines and cheaper West Texas Intermediate crude oil. "Any companies with refining assets on the Gulf Coast are expanding their export terminals," said Fadel Gheit, a senior energy analyst with Oppenheimer, using Valero, Shell and Marathon Petroleum as examples. "The profitability is not that clear, but the trend is very clear." Here is how some Refiners reacted Wednesday:
Marathon Petroleum Corp. (NYSE: MPC) shares traded in the range of $73.09 to $74.54 Wednesday before settling to close at $74.04, an increase of 1.29 percent. The stock appears to be facing some resistance at the $76.38 and $77.63 levels with some support at $73.97. Shares of Marathon Petroleum have gained approximately 17.5 percent year-to-date.
More information on Marathon Petroleum and access to the free equity report can be found at:
www.WallStreetFundamentals.com/MPC
Phillips 66 (NYSE: PSX) shares traded in the range of $57.20 to $58.30 Wednesday before settling to close at $58.03, an increase of 1.63 percent. The stock appears to be facing some resistance at the $59.34 and $60.69 levels with some support at $57.88. Shares of Phillips 66 have gained approximately 9.0 percent year-to-date.
More information on Phillips 66 and access to the free equity report can be found at:
www.WallStreetFundamentals.com/PSX
Valero Energy Corporation (NYSE: VLO) shares traded in the range of $35.22 to $35.87 Wednesday before settling to close at $35.77, an increase of 1.45 percent. The stock appears to be facing some resistance at the $35.88 and $36.65 levels with some support at $34.97. Shares of Valero Energy have gained approximately 4.8 percent year-to-date.
More information on Valero Energy and access to the free equity report can be found at:
www.WallStreetFundamentals.com/VLO
Western Refining, Inc. (NYSE: WNR) shares traded in the range of $29.45 to $30.08 Wednesday before settling to close at $29.66, a decrease of 0.27 percent. The stock appears to be facing some resistance at the $29.94 and $31.30 levels with some support at $27.37. Shares of Western Refining have gained approximately 5.0 percent year-to-date.
More information on Western Refining and access to the free equity report can be found at:
www.WallStreetFundamentals.com/WNR
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