Fitch Ratings Looks at Refiners (VLO, FTO, TSO)
Fitch Ratings published a short report on the effect of the compression in crude oil spreads on refiners. We looked at this phenomenon about a month ago. Fitch concludes that the “relative cost advantage of higher complexity refiners”, that is,…
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According to Fitch, “Despite the near-term decline in crude oil spreads, Fitch views heavy and sour conversion capacity as a key long-term competitive advantage in the refining sector.”
Valero is trading up more than 3% in the pre-open market, and Tesoro is up more than 10%. Frontier, which was downgraded from ‘Buy’ to ‘Hold’ by Argus on Friday, has seen no action yet this morning.
Paul Ausick
March 23, 2009
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