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☆ HF Sinclair sinks after forecasting higher capital spend for 2023
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +1 min

Dec 2 (Reuters) - Shares of HF Sinclair Corp (DINO.N) fell over 6% on Friday after the U.S. refiner forecast capital expenditure of $940 million to $1.15 billion for fiscal 2023, including its transportation business Holly Energy Partners (HEP.N). Shares fell to $57.38 in afternoon trading, their lowest level in six weeks and worst day in ten. Turnarounds made up a bulk of HF Sinclair's expected costs for next year, at $530 million to $630 million. HF Sinclair was formed as a parent company after HollyFrontier Corp bought almost all of Sinclair Oil Corp's assets for $2.6 billion. Other refiners Phillips 66 (PSX.N), Marathon Petroleum Corp (MPC.N), Valero Energy Corp (VLO.N) and PBF Energy Inc (PBF.N) were down 2%-6%.

The Biden administration last week authorized Chevron to expand operations in Venezuela and resume taking prized heavy crude to the United States. Valero Energy Corp (VLO.N), PBF Energy (PBF.N) and Citgo Petroleum have shown interest in getting access to the oil Chevron is expecting in coming weeks, according to the people. No Venezuelan oil officially has been allocated to Chevron yet and no chartering contracts have been signed to transport cargoes to the United States, according to Venezuelan export schedules and Refinitiv freight data. Valero, PBF and other U.S. independent refiners would not need any new authorization to buy Venezuelan oil from Chevron. The primary effect will be to allow some Venezuelan oil to flow back to the United States, "which will help the U.S. refining system," Wirth said.

☆ These are the energy stocks Josh Brown and Joe Terranova like through the end of 2022
▼ + stars: | 2022-11-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +1 min

The bull market in energy is still going strong and any dips are an opportunity to buy, according to Ritholtz Wealth Management CEO Josh Brown. The Energy Select Sector SPDR Fund also regained some of its earlier losses but was still down more than 1%. Joe Terranova, a senior managing director for Virtus Investment Partners, is also bullish on energy. "These are all the companies that I believe rightfully belong in a diversified energy basket," Terranova said on " Halftime Report ." Brown likes the iShares U.S. Oil & Gas Exploration & Production exchange-traded fund, as well as Cheniere Energy , Southwest Gas and Nextera Energy.

☆ Fire breaks out at Chevron's El Segundo, California refinery
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: +1 min

Nov 8 (Reuters) - Chevron (CVX.N) said fire crews were responding to an isolated fire inside its 269,000-barrel-per-day El Segundo refinery in California on Tuesday, with no injuries due to the incident. The time of dispatch was 6:13 pm, with a response at the two-alarm level from El Segundo, Manhattan Beach, Redondo Beach and La County Fire, El Segundo fire chief Deena Lee said, adding it was unclear whether the material involved is jet fuel or diesel. Local media reports said the fire had occurred in a particular section in the refinery. read moreCalifornian fuel markets are known for rapidly moving price increases, as they rely on production from West Coast refineries and imports from Asia. Reporting by Arpan Varghese and Ashitha Shivaprasad in Bengaluru; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Final Trades: Home Depot, Chevron, Valero & more
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Home Depot, Chevron, Valero & moreThe "Halftime Report" traders give their top picks to watch for the second half.

☆ Walmart's PAC has quietly donated nearly $1 million to campaigns ahead of the midterms. While the company has a ''don't rock the boat strategy,' it contributed to 41 election deniers.
▼ + stars: | 2022-11-07 | by ( Ben Tobin | Madison Hall | ) www.businessinsider.com time to read: +8 min

WALPAC donated almost 50-50 to Democratic and Republican federal candidates for the midterms. Walmart's PAC donated to 41 candidates who denied the 2020 presidential election results, ProPublica found. Of that, about 53% went to Republican candidates, and 47% went to Democrats. Some members of Congress, particularly among Democrats, also reject any corporate PAC contribution — WALPAC or otherwise — as a matter of practice. However, the company did donate a significant amount of money to candidates who voted against certifying the 2020 presidential election results.

☆ U.S. oil refiners to keep running at breakneck speeds in fourth quarter
▼ + stars: | 2022-11-04 | by ( Erwin Seba | ) www.reuters.com time to read: +2 min

REUTERS/Bing GuanHOUSTON, Nov 4 (Reuters) - U.S. oil refiners this quarter will run their plants at breakneck rates, near or above 90% of capacity, as tight fuel supplies spur high profits and operating rates, according to company forecasts and analysts surveyed by Reuters. The refining industry has minted huge profits this year on buoyant demand for gasoline, diesel and jet fuel. PBF restarted units idled during the pandemic at its Paulsboro, N.J., plant to produce more diesel and jet fuel, with the company's refineries running at a record-high 980,000 barrels per day last quarter, Young said. Overall, refiners are forecasting production will remain close to third quarter levels, which averaged 92.75%, said Matthew Blair, refining analyst at researcher Tudor Pickering & Holt. Diesel stocks in particular “are well below typical levels and are running at some 20% below the seasonal average,” Paisie said.

The oil price jump helped push U.S. inflation to the highest level in 40 years. But the sale also bled the SPR, meant to be a protection against shocks in energy markets, to the lowest level since May 1984. And it helped to sour U.S. relations with Saudi Arabia which sided with Russia in early October in a deep oil production cut. Biden said on Oct. 19 the United States is ready to tap the SPR again early next year to rein in prices. Reporting by Katharine Jackson, Timothy Gardner and Ismail Shakil; Editing by Tim Ahmann, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ America’s Refiners Are Running on Premium
▼ + stars: | 2022-11-01 | by ( Jinjoo Lee | ) www.wsj.com time to read: 1 min

It is a great time to be an American refiner. Marathon Petroleum Corp. on Tuesday said its refining and marketing segment generated $4.6 billion in segment income from operations—nine times what it did a year earlier. Its shares rose 3.9% by early afternoon. Valero Energy Corp., which reported last week, saw its net profit swell to $2.9 billion in the third quarter from just over half a billion a year earlier. While margins have come down since the records set in the second quarter, they are still multiples of prepandemic norms.

☆ 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.

☆ Rory McIlroy fulfills promised return to world No.1 position after CJ Cup title defense
▼ + stars: | 2022-10-24 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

CNN —When Rory McIlroy won the 2021 CJ Cup, he insisted he was still capable of being the world’s best golfer. It marks the ninth occasion the 33-year-old McIlroy has held top spot in his career, with only Tiger Woods and Greg Norman – both 11-time No. Then ranked 8th in the world, McIlroy had given a tearful interview following Europe’s historic 19-9 loss at Whistling Straits, arguing he “should have done more”. If victory in his first subsequent outing had been his way of exorcising any Ryder Cup demons, the Northern Irishman has just gone from strength to strength this year. “I had a really rough Ryder Cup … I was outside the top-10 in the world, it’s not a position that I’m used to being in.

☆ Earnings are off to a surprisingly decent start. Next week is the big test for tech
▼ + stars: | 2022-10-21 | by ( Jim Cramer | ) www.cnbc.com time to read: +7 min

Stocks rallied this week as earnings season ramped up and is so far off to a better-than-expected start. With 20% of the S & P 500 having reported financials so far, sales results have thus far been 1.4% above expectations while earnings results are 5.4% above expectations, in aggregate. That inverse correlation between bond yields and stocks was powerful enough to trump positive earnings reports. Looking back On the earnings front, we got results from Johnson & Johnson (JNJ), Procter & Gamble (PG), and Danaher (DHR). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ 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.

☆ BofA says 'higher-for-longer' oil will boost stocks beyond energy — here are some of its picks
▼ + stars: | 2022-10-19 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

"The cut to oil production comes at a time when global inventories are already low and U.S. reserves are at levels not seen since the 1980s, pushing oil prices higher-for-longer," the bank's analysts wrote in an Oct. 17 note. They estimated that this could send oil prices to an average of $100 per barrel next year – 20% above consensus. Oil prices have been volatile this year, rallying following the Russia-Ukraine war before sliding on recession worries. But BofA is bullish on the sector, predicting that oil and gas stocks are set to benefit. "Sectors exposed to higher energy prices and the secondary implications are Oil & Gas, LNG, Utilities, Alt.

President Joe Biden's announcement is expected this week as part of the response to Russia's war on Ukraine, one of the sources said. The sale would market the remaining 14 million barrels from Biden's previously announced, and largest ever, release from the reserve of 180 million barrels that started in May. Biden said last week gasoline prices are too high and that he would have more to say about lowering costs this week. Gasoline prices hit a record average above $5.00 in June. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.

☆ Biden admin talks with energy firms as it seeks to balance oil prices-sources
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterBiden said last week gasoline prices are too high and that he would have more to say about lowering the costs this week. The Energy Department still has about 14 million barrels of SPR oil left to sell from the 180 million barrel release, which was slowed in July by holidays and hot weather. Gasoline prices hit a record average above $5.00 in June. The White House and the DOE did not immediately respond to requests for comment about the talks with energy companies. It suggested then that deliveries would be linked to lower oil prices and lower demand, likely after fiscal year 2023, which ends Sept. 30 next year.

☆ Charts suggest Twitter, Valero and Occidental Petroleum could rally soon, Cramer says
▼ + stars: | 2022-10-11 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

To explain Boroden's analysis, Cramer first examined the daily chart of Twitter:"The charts, as interpreted by Carolyn Boroden, suggest that Twitter , Valero and Occidental [Petroleum] could have some upside here. I'm more cautious on Twitter because it's an arbitrage play, but the other two have my attention," he said. At the same time, the key moving averages that Boroden watches look bullish. The stock is trading above both the 200-day and 50-day simple moving averages. Cramer added that Boroden sees Twitter stock easily running to $53.43 or even $54.87.

☆ Charts suggest Twitter, Valero and Occidental Petroleum could rally soon
▼ + stars: | 2022-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharts suggest Twitter, Valero and Occidental Petroleum could rally soonCramer explained new charts analysis from technician Carolyn Boroden on Tuesday.

☆ 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."

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