Volume Alert: Refiners retreat on supply concerns (SUN, COP, HES, OXY)

Posted in General 
June 30th, 2009

Shares of refiner Sunoco Inc. (SUN) are down more than 2 percent, and have traded roughly a third of their average daily volume in the first 75 minutes of trading on Tuesday. Goldman Sachs early this morning cut its rating on Sunoco, noting rising gasoline inventories and new refineries coming on that could further boost supplies, potentially hurting prices.

Also, oil has dropped below $70 a barrel, with refiners lagging the overall market. ConocoPhillips (NYSE: COP) shares are down 1.7% on slightly above-average volume for this time in the session. Hess Corp. (NYSE: HES) shares are down nearly 3 percent, also on slightly elevated volume. Occidental Petroleum Corp. (NYSE: OXY) shares are down roughly 2 percent on average volume. — Mike Tarsala

 

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