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Oil Refinery Stocks Have No Fuel In The Tank

|Includes:MPC, Phillips 66 (PSX), TSO, VLO

The one important industry group that cannot seem to catch a bid today is the oil refinery stocks. Some of the leading stocks in the sector include Tesoro Corporation (NYSE:TSO), Phillips 66 (NYSE:PSX), Valero Energy Corporation (NYSE:VLO), and Marathon Petroleum Corp (NYSE:MPC). Most of the oil refinery stocks have struggled since mid-March. At this time, all of the leading stocks in the sector look to have more downside in the near term.

One of the strongest oil refinery stocks at this time is Phillips 66 (NYSE:PSX). Even this morning, the stock is showing relative strength against its peers. Today, PSX stock is trading lower by just 0.30 cents to $77.63 a share. Traders should watch for some daily chart support around the $75.00 level. This is an area where the stock could see a bounce on the charts.

Nicholas Santiago

Stocks: PSX, MPC, VLO, TSO