Oil Refining Stocks Surge on Spike in Diesel Prices

📆 11/09/2023 20:57:00
📰 MarketWatch

⏱ Reading Time:
32 sec. here
2 min. at publisher
📊 Quality Score:
News: 16%
Publisher: 97%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Refineries are benefiting from a shift in crude exports. Both Saudi Arabia and Russia have cut their oil production---to prop up oil prices.

Oil refining stocks have been on the upswing since mid-July, but now they’re in a new phase of growth.

Smaller refining stocks, which are generally more sensitive to changes in commodity prices, are up even more. Tennessee-based Delek US Holdings , for example, has increased 20% this month. Consequently, refiners are struggling to make enough diesel at a time when the global economy has proven resilient and demand is relatively strong. U.S. diesel futures are up more than 40%, to $3.30 a gallon, since they bottomed in May. In the current quarter, crack spreads—a measurement of the difference between crude prices and the prices of the products that refineries make—are up 31% above last quarter, according to Mizuho.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Hong Kong stocks decline for fourth day as Japanese stocks dropStocks in the Asia-Pacific region mostly climbed Monday, Sept. 11, with shares in Japan decreasing for the third session and the Hong Kong market down for...
Source: MarketWatch - 🏆 3. / 97 Read more »

Tesla and Canopy Growth stocks surge, RTX and J.M. Smucker shares fall, and other stocks on the moveMonday's biggest moving stocks include Hostess Brands, Tesla, Canopy Growth and RTX.
Source: MarketWatch - 🏆 3. / 97 Read more »