Why Marathon Petroleum Stock Cratered 50% in March
Shares of Marathon Petroleum (NYSE: MPC) tumbled 50.2% in March, according to data provided by S&P Global Market Intelligence. A variety of factors weighed on the oil refiner, including cratering demand and the outcome of its strategic review.
The rapidly spreading COVID-19 outbreak is forcing governments around the world to shut down much of their economies. That's sapping demand for refined petroleum products such as gasoline and diesel, which is weighing on pricing. At one point, refining margins went negative, meaning it cost a refiner more to produce a product than it could sell it for on the open market.
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Source Fool.com
