Because CVX still does refining and said a part of its earnings disappointment from the refining side. So all the refineres were down today... VLO, PSX, TSO, WNR, DK, ALJ,CVI, and HFC. Market is not understanding the strong fundamentals of these pure refiners. Buying opportunity.
Arts and crafts... when a big integrated oil company like Chevron says its downstream refining profits are SUBSTANTIALLY lower in the third quarter from the second quarter, why don't you think refining stocks would not go down?
Each week earnings estimates are being raised for Valero because pure play refiners like Valero are making a great margin on each barrel of oil.
Also, COP is not a refiner anymore... they spun PSX off.
I do get it and I am buying. You can make money at this price too and recommend you purchase before eanings come out in a couple weeks.
No, it's you who doesn't understand. Integrated Oil companies like CVX, XOM, BP, COP do some refining, but they are not in the categorty of refiners. You don't get it. And, no, it is not a buying opportunity when refiners break through technical support levels.