Marathon Petroleum Corporation (MPC)
NYSE - NYSE Delayed Price. Currency in USD
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I will also note that, based on a WTI price of $78.74, a gasoline price of $2.40 per gallon and a diesel fuel price of $3.24 per gallon, a refiners crack spread (3-2-1) is still $33.82 per barrel.
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* Marathon Petroleum Corp : JP Morgan raises target price to $136 from $110
* Valero Energy Corp : JP Morgan raises target price to $151 from $148
* PBF Energy Inc : JP Morgan raises to overweight from neutral
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https://www.reuters.com/markets/commodities/valero-marathon-top-beneficiaries-us-emergency-oil-releases-2022-09-21/
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Signs of weakness in China – trade surplus shrinking as overseas demand flattens and a new wave of Covid-19 restrictions at home disrupted production and logistics -- grows fears of global recession and reduced demand for energy.
The reduction in both crude oil prices and fuel prices may improve or worsen crack spreads for refiners. I don’t know. Either way, the perceived reduction in energy demand is driving down current energy markets.
With Europe facing both recession and a possible energy shortage in winter, it's difficult to predict the continent's impact on various energy alternatives … and Russia/ Ukraine war is always a wild card.
In the US, much of our interest rate and recession fears are data dependent.
US Initial jobless claims will be reported tomorrow, Sept 8, but key numbers will be next week. CPI data is on Tue 9/13; PPI data is on Wed 9/14. I expect positive news on inflation but I think the 75 basis point increase is still likely at the next FOMC meeting (9/20 – 9/21). It's what the market expects afterwards that counts. Good luck.
#MPC #PSX
Tuesday, August 23, 2022
Diesel Profit Margins Soar to 30-Year Seasonal High
The diesel crack spread, which represents the profit generated by turning a barrel of crude into diesel, approached $70 a barrel on Monday.
Diesel is fetching the highest premium to crude oil for this time of year in data going back more than 30 years.
The diesel crack spread, which represents the profit generated by turning a barrel of crude into diesel, approached $70 a barrel on Monday for the first time since June to stand at the highest for this time of year in records going back to 1986. The so-called crack spread was below $20 a barrel the same time last year. Demand is set to grow this winter with the US northeast likely burning more diesel for heating amid soaring natural gas prices.
The strength reflects growing concerns over the security of the nation’s fuel supply heading into peak demand season with national inventories at their lowest level since 2000 for this time of year. US fuelmakers haven’t been able to build up domestic stockpiles with Russian import bans reshuffling global trade patterns.
In New York Harbor, diesel tanks have seasonally never been emptier. Supplies could shrink further in the coming months as Gulf Coast refiners shut units for maintenance.
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