2 Refiners Break Out As Global Oil Prices Fall

Valero Energy and Marathon Petroleum broke out Monday. Refiners across the board benefitted in the stock market today as global oil prices fell, which means cheap crude inputs for refiners. And with the spread between U.S. crude and Brent widening to a bit more than $4, that gives a profit advantage to refiners like Valero and Marathon, which see a larger portion of their production from "landlocked" U.S. crudes. This could suggest their next quarter earnings may have some upside to current estimates. Valero climbed in above-average volume, hitting a new high. The move puts Valero solidly in buy range from a cup base with a 64.59 buy point. The stock has gained about 31% this year. Marathon broke out of a flat base with a 54.25 buy point to hit a fresh high. Shares are in buy range to 56.97. Marathon has gained more than 20% in 2015.