Why HollyFrontier Stock Tanked 10% at the Open Today
Shares of HollyFrontier (NYSE: HFC) dropped a quick 10% as trading got underway on May 5. The oil refiner's premarket earnings release was the likely driver of the negative mood. And perhaps for good reason.
Ever since the coronavirus pandemic erupted, the energy industry has been struggling with reduced demand. Although vaccines have led to an uptick in economic activity, and thus a demand rebound, the industry is still not quite back to a supply/demand equilibrium. Refiners like HollyFrontier have been at the leading edge on the demand issue, since their products, like gasoline and jet fuel, have been center stage thanks to reductions in travel related to social distancing and closures of nonessential business.
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Source Fool.com
