By Paul Sankey
Published on November 4, 2026 at 7:35 PM
Oof well, we have been working a lot on refining valuation these past weeks, and the refiners got absolutely smashed today. Shout out to the trading desk (I can give you their name but don’t have permission right now to quote) for calling $350/share as the bounce point in Valero, which was down over -10% (low $347.25, -10.4% intraday) at that point, the trader nailed the call in an email to clients. Old School Peabody …
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By Paul Sankey
Published on November 3, 2026 at 9:34 PM
Well, refining is boiling oil, and we got two major refining surprises in four days, with the announcement today that Marathon is selling two rather nice Midwest refineries to Carl Icahn’s Coffeyville, for an absolutely massive price. Key takeaway repeats what we already told you: Valero got Lyondell Houston for a song. Marathon did not have to sell. There is no particular evidence that the company needed the cash, quite the contrary. This is a …
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By Paul Sankey
Published on October 30, 2026 at 3:08 PM
Today, results day, you would think that ExxonMobil and Chevron would be absolutely delighted… …with Valero announcing a major refinery restart this morning, right as the Mega US Oils announced massive quarterly results… driven by refining… driven by soaring diesel prices… right before the Mid-Terms… that are swinging Blue… on diesel prices/general global political mayhem. Hence: “We are re-opening a major US refinery” Valero’s line is terrific right here right now, fantastic political fodder for …
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