COM - Laredo leads energy higher but refining margins and natural gas not far behind

June, 01 2022 04:16 PM Direxion Auspice Broad Commodity Strategy

Laredo Petroleum (LPI) rallied ~20% Wednesday, after the company announced a $200m share repurchase Tuesday. Along with Q4 results, the company planned to allocated 100% of free cash flow to debt reduction in 2022; however, given the rise in oil prices (USO) and rally in gas prices (UNG), the company is now looking to buy back 14% of shares outstanding. Natural gas (NG1:COM) posted a banner day, up over 7.5%, after the EIA reported March gas exports hit a record 20.6bcf/d (> 20% of production). Refining margins were not far behind, after jumping ~12% Tuesday, diesel margins in Europe jumped ~12% again Wednesday; New York harbor gasoline and diesel cracks both traded above $50 per barrel Wednesday. Even with oil nearly flat on the day, levered oil names like W&T (WTI), Kosmos (KOS) and Centennial (CDEV) outperformed, up 7-9%; gas names like Southwestern (SWN) and EQT (EQT) rallied 4-6% and refiners

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Laredo leads energy higher, but refining margins and natural gas not far behind

Company Name:	Direxion Auspice Broad Commodity Strategy
Stock Symbol:	COM
Market:	NYSE

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