Why ConocoPhillips, Phillips 66, and PBF Energy Stocks Jumped Today
Shares of oil refiners Phillips 66 (NYSE: PSX), PBF Energy (NYSE: PBF), and ConocoPhillips (NYSE: COP) jumped on Wednesday, closing the day up 4.2%, 10.8%, and 4.9%, respectively, after trading even higher today.
Reports of a long-awaited update coming soon from the Environmental Protection Agency that could boost downstream oil refiners' margins pumped up the oil stocks, although investors in ConocoPhillips had even bigger reasons to cheer.
The EPA's Renewable Fuel Standard (RFS) mandates oil refiners to blend renewables like ethanol and biodiesel into their gasoline, diesel, and jet fuel. Refiners that are unable to meet the annual renewable volume obligation (RVO) specified by the EPA have an option to buy tradable renewable fuel credits -- dubbed RINs -- on the open market.
Source Fool.com
