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The NYSE energy index is up 0.6 per cent leading the S&P 500 higher today.Fears of supply disruptions from the Middle East are feeding into crude oil prices. But gasoline prices are trading higher on the Nymex today, with Nymex RBOB prices up 1.77 per cent.
Oppenheimer analysts Fadel Gheit and Robert Du Boff have attributed the surge in gasoline prices to record high crude oil prices for this time of year, and tighter gasoline supply.
Today’s top S&P gainers are both refiner stocks:
- Valero Corp. is up 6.6 per cent. Valero announced that the pump malfunction at its McKee refinery in Sunray, Texas, would not have a material impact on production. According to Gheit and Du Boff Valero is trading at a 40 per cent discount to its peers and it recently tripled its quarterly divided.
- Tesoro is up 5.7 per cent. In separate news Tesoro said that it would keep some of its U.S. oil refineries running if union workers went on strike.