Refiners Hammered by Oil Price Surgeadmin
Shares of petroleum refiners hit new 52-week lows as the price of crude oil surged.
Valero Energy Corp., Tesoro Corp., Sunoco Inc., Holly Corp. and Frontier Oil Corp. all hit new lows in morning trading before regaining some ground.
Refiners’ margins have been squeezed by rising crude prices and falling demand for refined products such as gasoline and diesel.
In afternoon trading Valero shares were down $1.50, or 3.7 percent, at $39.73. Tesoro fell $1.40, or 7.1 percent, to $18.64. Sunoco gave up 89 cents, or 2.4 percent, at $37.05. Holly shares slid by 84 cents, or 2.2 percent, to $37, and Frontier lost 97 cents, or 4 percent, at $23.49.