Refiners Suffer from High Oil Prices
High oil prices often mean good news for many elements of the oil business. However, the refiners are are a bit different. They have been suffering recently, and here are the ones who may be effected. Daniel Dicker gives some need to know details.
And for the last decade, speculative money has skewed the prices of input crude to output gas to destroy margins and literally put major refineries out of business. Besides Petroplus, a major refinery was shut two weeks ago by Hess/Hovensa in the U.S. Virgin Islands producing up to 500,000 barrels a day.Conoco Phillips(COP_) will shutter a huge refinery in Trainer, Penn. by July and Sunoco(SUN_), once one of the great independent American refiners, is literally leaving the business, spinning off its coke production assets and shuttering its last two refineries in Marcus Hook and Philadelphia, becoming little more than a gasoline distribution network.
Keep an eye on oil prices, and these stocks. If you hold these stock options, be sure to do some additional research. This is a little warning for you investors out there. The markets will only tell the future for these stocks.
Quotes taken from report by Daniel Dicker, Read the entire article here.
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