Oil Refinery Stocks Hit The Oil Skids
This morning, most of the leading oil refinery stocks are coming under heavy selling pressure. The catalyst for the decline in the industry group is two fold. First, the leading oil refinery stock Marathon Petroleum Corp. (NYSE:MPC) reported earnings that were below expectations. Today, MPC is declining lower by $2.61 to $70.47 a share. The second catalyst for the declines in oil refinery stocks is the high price of crude oil. When crude prices trade at new yearly highs it will hurt the margins for the oil refinery stocks. Short term day traders should watch for intra-day support on MPC stock around the $69.50 level.
Some of the other leading oil refinery stocks that are also coming under selling pressure include Valero Energy Corporation (NYSE:VLO), Alon USA Energy, Inc. (NYSE:ALJ), Western Refining, Inc. (NYSE:WNR), and Tesoro Corporation (NYSE:TSO). Often, the refinery stocks will trade in tandem with each other.
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