Given the ban on Russian oil, and the rise in demand for oil and gas products, its no surprise refiners in the US have seen a sudden surge in investor capital into this industry group.
Summary
P B F Energy – Refiner
Oil refiners popped on Monday and Tuesday, with PBF Energy (PBF) relative strength line climbing to 99. In addition, its IBD SmartSelect Composite Rating surged to 96 as the stock breaks out on three times average daily volume.
The company reported four quarters of rising EPS gains, with Q4 gains of 125%. Sales growth increased 125.5% year-over-year, up from 96% in the prior report. Revenue growth is increasing.
Valero Energy – Refiner
Valero Energy (VLO) is the number one-ranked stock in the Oil & Gas-Refining industry group, with PBF Energy ranked number five in the group.
Valero found support at its 50-day moving average on Tuesday last week, after fading 12.90% from it’s 52-week high of 93.77 on Friday February 11. After briefly dipping below the 50d, according to MarketSmith, the refiner stock climbed back above this key level on Tuesday on 11 million shares, three times normal volume.
Calumet (CLMT) +3.00%, Targa Resources (TRGP) -2.35%, Texas based Genesis Energy (GEL) +0.16%, and Marathon Petroleum (MPC) +2.2^% round out the list of refiners currently under scrutiny for potential trades.
We will watch for any dips that stay above key moving averages and support for potential entries, while U.S. oil prices slide more than 3% this morning in early trading. Russia’s ongoing Ukraine mission, along with NATO and allied nation response, remains the key focal point in the stock market and in the oil sector in particular today.
Join us today in the trading room for our LIVE broadcast during market hours, as we navigate the current environment. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
Considering joining us as a member? Check details here
