Between August 18 and 25, 2017, CVR Energy (CVI) was the largest gainer among our list of energy stocks from the Energy Select Sector SPDR ETF (XLE), the VanEck Vectors Oil Services ETF (OIH), the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), and the Alerian MLP ETF (AMLP). The list also includes a few US-listed, foreign-based integrated energy companies.
Downstream stocks surged last week
Other downstream stocks Delek US Holdings (DK) and HollyFrontier Corporation (HFC) ranked third and fifth among the largest energy gainers for the week ended August 25, 2017. In fact, the VanEck Vectors Oil Refiners ETF (CRAK) has outperformed energy ETFs, as the graph in Part 1 of this series shows. The rise in downstream stocks could be because of Tropical Storm Harvey causing refined products such as gasoline prices to surge 2.6% last week. Wider price spreads between refined products and crude oil prices are advantageous for refiners.
In the next part of this series, we’ll focus on the top losers among energy sector stocks.