Oil Refiners Got Crushed

ConocoPhillips Oil Refinery Energy Plant Crude

Photo: Justin Sullivan/Getty Images

The biggest losers in the stock market today were the refiners as traders digested an ugly third quarter earnings announcement from from Chevron.Valero fell 6.1 per cent, while Tesoro tanked 5.6 per cent.

HollyFrontier and Western were also down. 

According to Chevron, refining margins were actually up, but marketing margins tanked.

“Refiners can be typically pretty volatile. And if there is this sort of weakness in margins, you can see the move,” said Morningstar analyst Allen Good to the AP.

SEE ALSO: This Is What An Oil Boom Town Looks Like After It’s Gone Bust >

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