Most of the leading oil refinery stocks declined lower on the trading session yesterday. Many of the leading stocks in this important industry group have been making lower highs on the daily chart. Marathon Pete Corp (MPC) led the sector lower yesterday, trading down $2.70 to $78.74 a share. MPC stock should have intra-day chart support around the $78.30, and $77.66 levels. The daily chart of MPC is showing minor support around the $73.00 area.
Some other leading oil refinery stocks that declined yesterday include Phillips 66 (PSX), Valero Energy Corporation (VLO), Western Refining, Inc. (WNR), HollyFrontier Corp (HFC). All of these stocks have similar daily chart patterns at this time. These stocks could all see further downside in the near term.