Oil refining stocks have been on the upswing since mid-July, but now they’re in a new phase of growth.
Smaller refining stocks, which are generally more sensitive to changes in commodity prices, are up even more. Tennessee-based Delek US Holdings , for example, has increased 20% this month. Consequently, refiners are struggling to make enough diesel at a time when the global economy has proven resilient and demand is relatively strong. U.S. diesel futures are up more than 40%, to $3.30 a gallon, since they bottomed in May. In the current quarter, crack spreads—a measurement of the difference between crude prices and the prices of the products that refineries make—are up 31% above last quarter, according to Mizuho.
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