5 Energy Stocks Cashing In On The New Energy Crunch
The Iran war has created an extraordinary earnings season for U.S. refiners. Brent crude has fallen to around $90 per barrel from a wartime peak of $126, but the shortage of refined fuels has only deepened. According to Reuters, Global refinery throughput in July was nearly 5 million barrels per day below year-earlier levels as Middle Eastern refineries remained constrained and Ukrainian attacks…
Five U.S. energy stocks are soaring in the wake of the Iran war and global energy shortage. Marathon Petroleum, Valero Energy, and Phillips 66 have all posted record earnings growth, far outpacing the S&P 500 Energy sector's 36% gain. The U.S. diesel crack spread reached an all-time high of $102.20 per barrel as refiners rushed to fill the gap left by disrupted Middle Eastern and Russian processing.
Marathon Petroleum, the largest refiner in America, reported $52.34 billion in revenue, with refining margins more than doubling to $36.33 per barrel. The company's Gulf Coast refineries ran at 100% capacity, processing 2.9 million barrels per day. Phillips 66 also reported strong earnings, with midstream assets driving revenue growth.
Chevron delivered its best quarter in six years, with downstream profits surging due to fuel shortages and higher refining margins.
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