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☆ Marathon Petroleum and Phillips 66 cruise past estimates on fuel demand surge
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N) posted quarterly profits which cruised past Wall Street estimates on Tuesday, becoming the latest U.S. refiners to benefit from robust fuel demand and margins amid tight supplies. U.S. refiners are posting strong profits with refineries running at record levels this year, strong export demand amid a squeezed supply due to Russia's invasion of Ukraine and plant closings. Shares of Marathon rose 1.3% pre-market to $115.10, while Phillips 66 was up 1% at $105.25. Mirroring similar gains, rival Phillips 66's realized refining margins tripled in the July-September quarter to $26.58 per barrel. Rival Valero Energy (VLO.N), which also beat profit estimates on strong margins last week, said it continues to maximize refining utilization.

☆ There really is a profit windfall for oil companies
▼ + stars: | 2022-11-01 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

President Joe Biden blasted oil companies Monday, suggesting he could even support a windfall profits tax. S & P Energy (% of S & P 500) Profits: 12% Market cap: 5% That is rather unusual. S & P Health Care (% of S & P 500) Profits: 15% Market cap: 15% The story is the same with financials, communication services, industrials and consumer staples. Indeed, the deceleration in earnings is one reason the tech sector has underperformed the S & P this year. S & P Technology (% of S & P 500) Profits: 20% Market cap: 26%

☆ Tech tonic and Sunak salve
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +5 min

A massive week for top technology firms worldwide pits U.S. mega cap earnings against the withering slide in China tech shares amid domestic political and economic fears. read moreBut the decimation of Chinese tech stocks (.HSTECH) this week was more worrying. read moreU.S.-listed shares of Chinese companies such as Pinduoduo (PDD.O), JD.com and Baidu Inc plunged between 12% and 25% in New York on Monday. read moreHSBC's shares fell almost 7% in London, meantime, as investors digested a sudden management change and rising bad loan charges. As investors awaited the European Central Bank's latest interest rate rise on Thursday, German business readings were above forecast for October.

☆ Stocks could continue to break higher as Apple, big tech report earnings in week ahead
▼ + stars: | 2022-10-21 | by ( Patti Domm | In | ) www.cnbc.com time to read: +9 min

The three major averages closed higher Friday, with the S & P 500 adding 2.37% to close at 3,752.75. Stovall said the S & P 500 had six positive moves of 1% or more in the last 17 trading days, as of Friday. Earnings, earnings, earnings About 150 S & P 500 companies report earnings in the coming week. Technically speaking Scott Redler, partner with T3Live.com, said he is watching a formation in the S & P 500 that could be positive. His first target for the S & P 500 is 3,800.

Biden blamed Russian President Vladimir Putin’s invasion of Ukraine for higher crude and gasoline prices, while noting prices had fallen 30% from their peak earlier this year. “Families are hurting,” and gasoline prices are squeezing their budgets, he added. Retail gasoline prices have fallen from a high in June, but remain above historical averages, and are a major contributor to inflation. Biden said oil companies should feel more confident about investing in production with the new SPR repurchase pledge, and stop pushing stock buybacks. So you can act now to increase oil production," he said.

☆ This week's best performers include a health care stock analysts expect will go up 35%
▼ + stars: | 2022-09-30 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

However, analysts see little upside from current levels, with the average analyst price target implying a gain of only 1.4%. Analysts in general are bullish on the stock, with the average price target implying upside of 35.7%. Analysts expect the stock to go up 34%, though only a third of analysts rate it a buy, FactSet data shows. Marathon has buy ratings from 75% of analysts covering them, with the average price target implying upside of about 24%. About 61% of analysts rate the stock a buy, but the average price target implies upside of just 5.1%.

☆ Los Angeles wholesale gasoline hits new high on refinery outages
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

Phillips 66's (PSX.N) 139,000 barrel-per-day (bpd) Los Angeles-area refinery in Wilmington, California, began an overhaul after a Sept. 16 fire on a reformer. On Sept. 11, Chevron Corp (CVX.N) reported an equipment failure at its 245,271 bpd San Francisco-area refinery in Richmond, California. Marathon Petroleum (MPC.N) shut a unit in planned flaring between Sept. 3 and 9 at its 383,000 bpd Carson, California, refinery in the Los Angeles area. Los Angeles market gasoline for delivery later in October was lower, pointing to some refinery production returning within a few weeks, traders said. November CARBOB sold in Los Angeles at 50 cent and 57 cents a gallon over December NYMEX RBOB.

☆ U.S. oil refinery run-rates could top 90% for 3rd quarter in a row
▼ + stars: | 2022-09-28 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

This year's final quarter, however, could see operators hold production rates high to grab strong diesel margins, they said. The forecast excludes the potential impact of a major hurricane striking the U.S. Gulf Coast, home of nearly half the nation's oil refining. U.S. crude oil capacity is down nearly 1 million barrels per day since early 2020, to 17.9 million barrels per day (bpd). At the same time, inventories fell to 117.3 million barrels, down 12 million barrels from the same week a year ago. “They’re trying to make more distillate.”Holding runs above 90% runs the risk of further eroding gasoline margins.

☆ Stocks making the biggest moves midday: Hertz, Ford, Keurig Dr Pepper and more
▼ + stars: | 2022-09-27 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves midday:Hertz — Shares of the rental rental company jumped 1.9% after the company announced a partnership with BP's electric vehicle charging unit that will put thousands of charging stations at Hertz locations. Many of the stations will be used to charge Hertz's growing fleet of electric vehicles, but some will be available for public use. Keurig Dr Pepper — The beverage company shed about 3% after being downgraded by Goldman Sachs to a neutral rating from a buy. Lucid — The electric vehicle stock climbed 1.4% on Tuesday after Cantor Fitzgerald initiated coverage of Lucid with an overweight rating. Ark Invest's Cathie Wood also told CNBC Tuesday she is sticking by her bullish call on Tesla, saying "our confidence couldn't be higher as we see the movement towards electric vehicles accelerates."

☆ Valero, Marathon top beneficiaries of U.S. emergency oil releases
▼ + stars: | 2022-09-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

REUTERS/Loren Elliott/File PhotoHOUSTON, Sept 21 (Reuters) - Oil refiners Valero Energy Corp (VLO.N) and Marathon Petroleum Corp (MPC.N) are the biggest beneficiaries of the U.S. government's oil reserve releases, taking nearly half the crude offered, a Reuters analysis of Department of Energy data showed on Wednesday. The Biden administration has opened spigots at the nation's Strategic Petroleum Reserve (SPR) to lower fuel prices and ease a supply crunch from Russia's invasion of Ukraine. Awards of about 218 million barrels for the 12 months endedSept. Valero, the second largest U.S. refiner by capacity, secured 52.7 million, while top oil processor Marathon Petroleum snapped up 45.2 million barrels. About 24.42 million barrels were released by exchange, with the largest amounts taken by Exxon and Shell.

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