In the refining segment the Big Three — Marathon Petroleum, Valero, and Phillips 66 — were up an average of 7.0%. Each of these companies was in positive territory for the quarter, but a smaller refiner — Holly Frontier — outperformed them all with a 16.7% gain.
The biggest lag on the sector continues to be depressed prices for oil and natural gas. Oil prices briefly surged in response to the attack in Saudi Arabia, but the market has quickly discounted that this reflects any increased risk to oil supplies. As such, the direction of oil prices will ultimately come down to global inventories and perception — which continues to be (wrongly) influenced by beliefs that the oil age is coming to an end.
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Author: Robert Rapier
Robert Rapier is a seasoned chemical engineer with three decades of international experience in the energy sector. He holds undergraduate degrees in chemistry and mathematics, and a master’s in chemical engineering. Robert has worked extensively in oil refining, production, synthetic fuels, biomass energy, and alcohol production, earning several patents along the way. As Editor-in-Chief of Shale Magazine and a prolific author for Investing Daily, he shares his expertise through various newsletters and his latest book, American Energy: A History of Power, Progress, and Change. Robert's insights have been featured on 60 Minutes, The History Channel, CNBC, and PBS, among others. His articles have appeared in top publications like the Wall Street Journal, Washington Post, and The Economist. For nearly a decade, he has covered the energy sector for Forbes.
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