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Texas refinery shutdowns push company shares sharply higher

Published 08/28/2017, 12:01 PM
© Reuters.  Texas refinery shutdowns push company shares sharply higher
  • Shares of oil refinery companies are rallying after Hurricane Harvey forced Houston-area refiners to shut down: VLO +1.8%, MPC +1.1%, PSX +0.6%, ANDV +3.7%, PBF +8.5%, HFC +7.7%, CVI +3.4%, CLMT +1.9%.
  • Meanwhile, oil and gas producers, drillers, equipment and service companies are all trading lower on weak oil prices.
  • "With some of the major refineries closing down in Houston, we're seeing fireworks in gasoline prices, a move which is being reflected in refinery stocks," says Peter Cardillo, chief market economist at First Standard Financial.
  • "We're looking at a mini-gasoline spike at the prospect of millions of barrels a day of U.S. refining capacity lost for at least a period of days," says Tom Kloza, global head of energy analysis at the Oil Price Information Service.
  • Now read: Charting A New Course For Calumet Specialty Chemicals


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