CRAK - Refiners on the rebound set to close week with big gains

Refining names resume their week-long rally, as Pfizer's coronavirus vaccine offers some demand light at the end of the COVID-19 tunnel while looming refinery closures around the world look to keep supply in check.[[VLO]] +8.4%, [[MPC]] +7.2%, [[PSX]] +7.8%, [[HFC]] +7.7%, [[CVI]] +8.8%, [[DK]] +11.1%, [[PBF]] +10.3%, [[PARR]] +9.2% in today's trade, and all are up sharply for the week.Also, approval of permits for Enbridge's Line 3 pipeline by Minnesota regulators is seen as a positive for Mid-Con and Gulf Coast refiners.Analysts at Piper Sandler are cautiously optimistic on refiners for H2 2021 and 2022 despite near-term demand headwinds, as visibility on a COVID vaccine provides support against material downside for equities from current levels.Piper thinks refiners are at a reasonable entry point to play a cyclical recovery; Phillips 66 and HollyFrontier are the firm's top picks.ETF: [[CRAK]]Earlier: U.S. refiners seek strategies to adapt to lower demand (Nov. 12)

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Refiners on the rebound, set to close week with big gains