Oil on Fire, Refiners on Ice
In this issue:
Unrest in the Middle East and a big drawdown in US crude inventories have propelled oil prices to a 16-month high, and we address the likely toll on refiners and the potential windfalls for domestic drillers.
Unrest in the Middle East and a big drawdown in US crude inventories have propelled oil prices to a 16-month high, and we address the likely toll on refiners and the potential windfalls for domestic drillers.
Despite the high prices, shares of a domestic rig supplier and two integrated European oil giants have struggled like the companies they represent. One gets an immediate boot from the portfolio and the other two may not be far behind.
As for that drawdown, don’t leap to the conclusion that they’re the rusult of a lasting pickup in demand. More likely, historically high domestic inventories are simply crowding out imports.
Stock Talk
Add New Comments
You must be logged in to post to Stock Talk OR create an account