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Morgan Stanley lifted its oil price forecast Friday, as the bank sees additional Russian supply impacts from May onward, and a coin-flip chance the Iran deal falls through (NYSEARCA:USO). The bank cut its oil demand growth forecast, though indicated that "as the year unfolds, we expect refine...
Valero's (NYSE:VLO) trading division was the largest buyer of crude oil in the second sale from the U.S. Strategic Petroleum Reserve that was part of the Biden administration's attempt to combat rising energy prices after Russia invaded Ukraine. The Department of Energy said Thursday it award...
Wells Fargo analyst Roger Reid was early on calling for improved refining fundamentals in 2022, and is not backing off the call; Thursday he upgraded PBF (PBF) to hold and lifted price targets across the sector. Favorable payroll data, post-pandemic demand recovery and constrained supply will...
Tuesday, China's National Development and Reform Commission "NDRC" released a statement detailing plans to reduce Chinese steel production in 2022. As the world's largest producer and exporter of steel, and with steel prices at ~3x historic averages, the production cut could contribute to inf...
Valero is a $45.2 billion market cap oil refiner paying a 3.6% dividend. One of the two largest independent oil refiners, Valero is uniquely well positioned on renewable diesel and ethanol, and benefits from the planned SPR oil release. Valero is a good inflation bet: equipment is...
Valero Energy (NYSE:VLO) topped all energy-related stocks on the S&P 500 Monday, followed closely by Phillips 66 (PSX), both up 5.2%, as WTI crude oil climbed 1.2% to its best level since March 30. Other oil refiners also closed with big gains, including (PBF) +9.1%, (CVI) +7.9%...
Marathon Petroleum has seen their share price rally strongly throughout 2021 and earlier 2022 to now reach record levels. Whilst positive in the short term, this poses problems in the long term because they are conducting their massive share buybacks to offset their Speedway divestitu...
Energy (NYSEARCA:XLE) comfortably leads the S&P sector standings Monday as crude oil prices touched their highest levels so far this month as Libya's biggest oilfield was shut by protests and natural gas futures climbed to 13-year highs. Adding to supply pressures from sanctions on Russia...
Morgan Stanley published a bullish refining note ahead of the market open Monday, lifting price targets across the sector ~25%, as rising refining margins lift earnings estimates. The bank flagged low refined product stocks ahead of summer driving season, and sees no easy solution to rebuildi...
Oil (CL1:COM) traded marginally higher ahead of the US equity market open Monday, as major production outages in Libya offset demand weakness related to China's pandemic response. The outages in Libya appear to be protest-related and the story is developing rapidly. While demand impacts ...
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Blackcomb Pipeline Reaches Final Investment Decision to Transport Growing Natural Gas Production from the Permian Basin to the Gulf Coast Region PR Newswire AUSTIN, Texas , July 31, 2024 /PRNewswire/ -- WhiteWater today announced that WhiteWater, MPLX LP (NYSE: M...
An emergency food pantry in Dickinson, North Dakota, recently got help in meeting local needs after issuing a public call for assistance via social media. The Association to Meet Emergency Needs pantry needed to replenish its supply shelves, prompting support from Marathon Petroleum's Dick...
NORTHAMPTON, MA / ACCESSWIRE / July 16, 2024 / Marathon Petroleum Corporation The Port of Long Beach, California, is supporting an effort to reduce debris in the port with devices that collect trash from the surface of the water. Marathon Pipe Line installed two electric trash skimmers ...