Oil Refiners Tumble, Producers Rally on Export Ruling

By ColumnsFOXBusiness

Oil refiners are tumbling today after the Commerce Department cleared the export of a very light form of oil called condensate after it has been minimally processed.  The concern is that the decision would push up oil prices and put pressure on refiners’ margins. Valero’s (NYSE:VLO) loss is the steepest in almost three years (August 2011). Shares of HollyFrontier (NYSE:HFC) are sliding the most since November 2011:

Refiners Tumble

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On the flip side, oil and gas exploration and production companies, especially those leveraged to condensate like SM Energy (NYSE:SM), Pioneer Natural Resources (NYSE:PXD) and Rosetta Resources (NASDAQ:ROSE), are rallying:

Exploration & Production Winners

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