MarketWatch.com - Pre-Market Indications

Monday, January 4, 2010

New Upgrade Fuels Refining Sector

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Deutsche Bank upgraded the entire refining sector and raised price targets in a long piece entitled, "Oil has a future-so do refineries."

The argument:

1) demand improving, helped by cold weather, though still weak;

2) inventory overhang being worked off due to refinery shutdowns, with utilization low in those that are operating;

3) oil prices will FALL in 2010 to $65 a barrel, which will improve margins for gasoline refiners.

DB energy analyst Paul Sankey does hedge his bets: "Our biggest concern in 2010 is a major terrorist attack. Post-911 impact suggests that this will be very negative fo r oil demand, and refiners."

Tesoro [TSO  Loading...      ()   ] up 7 percent, Sunoco [SUN  Loading...      ()   ] up 5 percent, Valero [VLO  Loading...      ()   ] up 5 percent.

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