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Oil Refiners Lose Steam Early

This morning, the leading oil refinery stocks are declining sharply lower at the start of the trading day. This industry group has been one of the strongest sectors since November 2012. One of the leading oil refinery stocks in the sector is Tesoro Corp (NYSE:TSO). Today, TSO stock is trading lower by $2.00 to $55.79 a share. Short term traders should watch for intra-day support around the $55.00, and $53.68 levels. The daily chart of TSO stock is still trading above the important 50, and 200-day moving averages.

Some other leading oil refinery sectors that are declining lower today include Phillips 66 (NYSE:PSX), HollyFrontier Corp (NYSE:HFC), Valero Energy Corp (NYSE:VLO), and Western Refining Inc (NYSE:WNR). All of these stocks are trading in a very similar pattern. These stocks can also be affected by the spread in light sweet crude and brent crude oil.

Nicholas Santiago