Refiners continue to rise as Brent-WTI spread widens

|By:, SA News Editor

Refiners such as Marathon Petroleum (MPC +4.9%) and Valero (VLO +4%) are surging today, and Barron's Ben Levisohn says it’s all about the oil spread.

While Brent crude has stayed steady for the last three months, trading at ~$109/bbl, WTI has dropped 12% to ~$94; the more expensive Brent is relative to WTI, the better it is for U.S. refiners.

VLO, for example, has gained 17% during the past three months, and much of its price has followed the Brent-WTI spread.

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