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Stock impact report

Why Shares of These 3 Oil Refiners Plunged More Than 25% in March [The Motley Fool]

Phillips 66 (PSX) 
Last phillips 66 earnings: 5/1 07:00 am Check Earnings Report
Company Research Source: The Motley Fool
What happenedShares of oil refinersPhillips 66(NYSE:PSXHollyFrontierNYSE:HFCPBF EnergyNYSE:PBF Global Market Intelligence 00HollyFrontier and Phillips 66 saw modest drops compared to the rest of the refining industry, down just 7.% and 8.%, respectively. PBF, on the other hand, took a huge 68.% hit. The overall downstream (refining and marketing) sector of the oil and gas industry, as measured by the 00 Refining and Marketing IndexImage source: Getty Images.So whatThe stock market hammered oil companies up and down the industry after OPEC+ talks broke down on March 6, prompting the primary two OPEC+ members, Saudi Arabia and Russia, to increase production. That flooded the global oil market with cheap crude and caused oil prices to lose about half of their value.Ordinarily, oil refiners are somewhat insulated from price shocks like these, because refiners buy crude oil and then sell the refined products -- like fuel and petrochemicals -- that they manufacture from it. So cheaper oil c Show less Read more
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