As of about 9:30 this morning, Brent crude is trading at its lowest price in three months, and the price differential between Brent and WTI crude closed to about $12/barrel last week…
Jon OggThese are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Thursday. Adtran Inc. (NASDAQ: ADTN) Reiterated Buy with $39 target at Argus. Agrium Inc. (NYSE:…
In a presentation yesterday to investors, Valero Energy Corp. (NYSE: VLO) CEO Bill Klesse said that stagnant demand for refined products in the US would be replaced by foreign demand for gasoline…
The proposed 1,700-mile Keystone XL pipeline will not make the US more energy independent nor will it lower gasoline prices. If anything, the pipeline from western Canada’s oil sands to the US…
This morning’s report from the US Energy Information Administration (our coverage here) showed that commercial crude oil inventories in the US rose by 4.2 million barrels last week. At the same time,…
The three major US stock indexes opened higher this morning, following on a positive debt sale by Portugal and some improvement in PMI numbers from Europe. ADP employment data did not meet…
Oil refiner Marathon Petroleum Corp. (NYSE: MPC) posted a quarterly EPS loss of -$0.21 this morning, way below the consensus estimate of EPS loss of -$0.06. Revenues rose to $19.44 billion, beating…
The United Steelworkers Union has reached a tentative agreement with US refiners that will avoid a strike that could have begun at 12:01 a.m. this morning. Royal Dutch Shell plc (NYSE: RDS-A)…
The United Steel Workers union could authorize a strike against US refineries that produce about one-third of the country’s daily refined products demand of 19 million barrels. The strike deadline is midnight…
One of the largest crude oil refiners in the US, Tesoro Corp. (NYSE: TSO), this morning lowered its earnings guidance for the fourth quarter, projecting a loss of -$0.55 to -$0.80. The…
The announcement from Enbridge Inc. (NYSE: ENB) that it would acquire the 50% stake in the Seaway pipeline system owned by ConocoPhillips Corp. (NYSE: COP) and reverse the pipeline’s flow direction, pushed…
The markets opened lower this morning and not until mid-afternoon were equities able to put a mark above yesterday’s close. European stocks traded mixed all day, and that coupled with rising crude…
Two major oil refiners have reported third-quarter earnings since the market closed last night. Both posted better-than-expected earnings primarily due to sharply higher refining margins. Western Refining Corp. (NYSE: WNR) reported net…
In the week ended September 16th, the US exported more refined products than it imported. Year-over-year, the US is now exporting 714,000 barrels/day more refined products than it is importing. The largest…
The refining business has been in the news a lot recently for two things. One, it’s making money again. Two, integrated oil companies are shedding refining assets at a rapid pace. Now’s…
