Refining Stocks Are Rocketing on COVID-19 Vaccine News Today
Shares of leading refining companies Marathon Petroleum (NYSE: MPC), Phillips 66 (NYSE: PSX), and Valero (NYSE: VLO) rallied more than 10% by 10:15 a.m. EST on Monday. Fueling this rally was news that a vaccine candidate by pharmaceutical giant Pfizer was more than 90% effective in preventing COVID-19 in volunteers in the global trial.
The COVID-19 outbreak caused demand for oil and refined products to plummet this year. That's weighed on refining margins, forcing refiners to cut back on their production. As a result, refining companies have been posting big losses.
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Source Fool.com
