Oil Refining Stocks Running On Empty
This morning, many of the leading oil refinery stocks are declining lower at the start of the trading session. Phillips 66 (NYSE:PSX) has been a leading oil refinery stock in 2012. At the start of this year, PSX encountered near term selling pressure. Short term traders should watch for intra-day support around the $51.00, and $50.00 levels. The daily chart of PSX is signaling weakness down to the $48.75 level in the near term.
Some other leading oil refinery stocks that are coming under selling pressure today include HollyFrontier Corp (NYSE:HFC), Valero Energy Corporation (NYSE:VLO), and Tesoro Corporation (NYSE:TSO). All of these stocks should have further weakness and possible downside in the near term according to the daily charts.