Seeking Alpha

Refiners plunge as Brent premium vs. WTI declines to least since October

  • Oil refiners are getting hit today as Brent crude falls to its lowest price in more than a week on rising tensions in Ukraine, shrinking the premium to West Texas crude to the narrowest level since October.
  • Given Ukraine’s location, the country's situation obviously will impact Brent more than WTI; meanwhile, WTI’s losses are limited after U.S. government data yesterday showed crude supplies at Cushing, Okla., declining to a four-month low.
  • Phillips 66 (PSX -2.8%) has dropped 3.5% YTD, while Delek US (DK -5.3%) has plunged 17%, Valero (VLO -4.3%) has slipped 3.8%, Holly Frontier (HFC -3.1%) has fallen 8.2% and Marathon Petroleum (MPC -4.4%) is off 8.5% in 2014.
  • Other decliners today: TSO -1.5%, ALJ -5.4%, WNR -4.2%, CVI -3.4%, CLMT -0.7%.
  • ETFs: USO, OIL, UCO, SCO, DBO, DTO, BNO, CRUD, USL, DNO, UWTI, SZO, DWTI, OLO, OLEM, TWTI
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Comments (2)
  • scarman59
    , contributor
    Comments (25) | Send Message
     
    So with the trouble in the Ukraine there will be more price pressure on the Brent? So Ukraine is not producing oil...or because they are a big consumer of oil and there is unrest they won't be using oil as much...I don't get it???
    28 Feb, 08:18 AM Reply Like
  • whiff
    , contributor
    Comments (688) | Send Message
     
    Believe me, the people who are selling don't get it either ...
    28 Feb, 08:20 AM Reply Like
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