Cowen remains bullish on five top oil refiners

• Last week's surprise move by the U.S. government to allow the export of condensate products hit the refining sector hard, but the analyst team at Cowen remains bullish on top refiners, believing actual crude exports are highly unlikely and there is no change to the spirit of the law.
• Cowen remains bullish for the longer term and sees potential for a meaningful feedstock advantage for U.S. refiners emerging later this year, with U.S. crude production inflecting at 9M bbl/day and Gulf Coast imports baselining at 2.8M-3M bbl/day.
• Cowen's five favorite refiners are MPC, PBF, TSO, VLO, WNR; the condensate export issue took a toll on the stocks, and investors can buy some of them as much as 15% cheaper than two weeks ago.