22 days ago
Valero Energy Corporation (NYSE:VLO) has been on a strong rally, posting gains of over 140% since the beginning of 2026. The strong performance is fuelled by an unusually sharp surge in global refining margins as the ongoing disruptions have significantly reduced the world's refining capacity and tightened supplies of gasoline, diesel, and jet fuel.
While there are now investor concerns that the stock may have topped out, Wall Street sees further upside ahead. On September 14, Morgan Stanley ******* yst Joe Laetsch significantly boosted the firm's price target on VLO from $255 to $411, while maintaining an 'Equal Weight' rating on the shares. The revised target implies an upside of almost 4% from the current levels and even exceeds the stock's all-time high of just under $400 per share.
The higher price objective is supported by the possibility that Valero can translate the favorable refining environment into material earnings and cash flows. The company did exactly that in the second quarter, when it posted its highest-ever Q2 profit and topped Wall Street expectations.
It seems like the high-margin environment is here to stay following a fresh wave of attacks between the US and Iran. Even if the attacks stop and a potential peace agreement is achieved, the damaged or idled refineries in the Middle East are likely to take some time to return to full operations, keeping refined-fuel markets relatively tight. Notably, the supply disruptions also extend beyond the troubled region, as a recent series of Ukrainian strikes on Russian refineries has further constrained global refining capacity.
Valero's FCC Unit optimization project at its St. Charles Refinery will allow it to capitalize even further on the high-priced environment. Expected to be completed in the third quarter, the $230 million initiative will help enhance the facility's ability to produce high-value products.
#even #environment #wall #strong
While there are now investor concerns that the stock may have topped out, Wall Street sees further upside ahead. On September 14, Morgan Stanley ******* yst Joe Laetsch significantly boosted the firm's price target on VLO from $255 to $411, while maintaining an 'Equal Weight' rating on the shares. The revised target implies an upside of almost 4% from the current levels and even exceeds the stock's all-time high of just under $400 per share.
The higher price objective is supported by the possibility that Valero can translate the favorable refining environment into material earnings and cash flows. The company did exactly that in the second quarter, when it posted its highest-ever Q2 profit and topped Wall Street expectations.
It seems like the high-margin environment is here to stay following a fresh wave of attacks between the US and Iran. Even if the attacks stop and a potential peace agreement is achieved, the damaged or idled refineries in the Middle East are likely to take some time to return to full operations, keeping refined-fuel markets relatively tight. Notably, the supply disruptions also extend beyond the troubled region, as a recent series of Ukrainian strikes on Russian refineries has further constrained global refining capacity.
Valero's FCC Unit optimization project at its St. Charles Refinery will allow it to capitalize even further on the high-priced environment. Expected to be completed in the third quarter, the $230 million initiative will help enhance the facility's ability to produce high-value products.
#even #environment #wall #strong
30 days ago
During the September 8 episode of Mad Money, Jim Cramer turned his attention to Enbridge Inc. (NYSE:ENB), examining escalating geopolitical tensions. He commented:
As long as the war with Iran drags on, it's easy to recommend the refiners like a Valero or a Marathon. I don't see it ending any time soon, not with the US and Iran trading volleys this evening at islands and ships in the Strait. But how about a pipeline that moves about 30% of all crude produced in North America? Now, I'm talking about Enbridge which has a 5.5% yield. Also has a natural gas, you know, it transports 20% of the natural gas that's consumed in America. Okay, it's Canadian, but it's not caught up in the tariff fight because slapping tariffs on Canadian energy would be economic suicide for our country.
Cramer's focus on Enbridge Inc. (NYSE:ENB) highlights the structural dominance of its midstream network. The company operates as a significant transport network for North American energy, moving approximately 30% of all crude produced on the continent. Moreover, its vast utility and transmission network handles 20% of the natural gas consumed in the United States. The company's toll-road business model generates highly predictable cash flows, supporting an attractive dividend yield of roughly 5.6%. For income-focused investors, the combination of essential operational volume and reliable capital return creates a defensive cushion during volatile market cycles.
The company's defensive moat goes into cross-border trade and regional security. As Cramer pointed out, imposing punitive tariffs on Canadian energy imports would amount to severe economic self-harm for the United States, given the deep interdependence of North American energy grids.
Even with steady toll revenues, Enbridge Inc. (NYSE:ENB) carries a heavy debt load that comes with the territory of running massive pipeline networks, with long-term debt sitting at approximately C$104 billion. Because building and maintaining energy infrastructure requires heavy borrowing, higher interest rates hit financing costs, which can occasionally weigh on income-seeking investors.
#enbridge #natural #Iran #America
As long as the war with Iran drags on, it's easy to recommend the refiners like a Valero or a Marathon. I don't see it ending any time soon, not with the US and Iran trading volleys this evening at islands and ships in the Strait. But how about a pipeline that moves about 30% of all crude produced in North America? Now, I'm talking about Enbridge which has a 5.5% yield. Also has a natural gas, you know, it transports 20% of the natural gas that's consumed in America. Okay, it's Canadian, but it's not caught up in the tariff fight because slapping tariffs on Canadian energy would be economic suicide for our country.
Cramer's focus on Enbridge Inc. (NYSE:ENB) highlights the structural dominance of its midstream network. The company operates as a significant transport network for North American energy, moving approximately 30% of all crude produced on the continent. Moreover, its vast utility and transmission network handles 20% of the natural gas consumed in the United States. The company's toll-road business model generates highly predictable cash flows, supporting an attractive dividend yield of roughly 5.6%. For income-focused investors, the combination of essential operational volume and reliable capital return creates a defensive cushion during volatile market cycles.
The company's defensive moat goes into cross-border trade and regional security. As Cramer pointed out, imposing punitive tariffs on Canadian energy imports would amount to severe economic self-harm for the United States, given the deep interdependence of North American energy grids.
Even with steady toll revenues, Enbridge Inc. (NYSE:ENB) carries a heavy debt load that comes with the territory of running massive pipeline networks, with long-term debt sitting at approximately C$104 billion. Because building and maintaining energy infrastructure requires heavy borrowing, higher interest rates hit financing costs, which can occasionally weigh on income-seeking investors.
#enbridge #natural #Iran #America
1 month ago
U.S. President Donald Trump told oil producers and refiners that he wants lower gasoline prices, immediately, at a meeting at the White House this week.
As gasoline prices remain above $4 per gallon on average across the United States and drivers are heading for the most expensive Labor Day weekend gas prices on record, President Trump urged executives from Chevron, Marathon Petroleum, Valero Energy, and PBF Energy, among others, to raise refining capacity to increase fuel availability.
The problem for the U.S. Administration two months ahead of the mid-term elections is that American refiners cannot raise output in the short term. They have been running at full capacity for the entire summer, as the U.S.-Iran war has crippled crude and fuel supply out of the Middle East and depleted global inventories after many governments, including the U.S., tapped strategic resources to ease the worst supply disruption in the history of oil markets.
Refiners do not have an immediate solution to the high prices at the pump—except, of course, a major de-escalation and a lasting deal with Iran. But none of the significant levers to lower U.S. fuel prices are in the hands of the U.S. refiners.
No Easy Fix
#energy
As gasoline prices remain above $4 per gallon on average across the United States and drivers are heading for the most expensive Labor Day weekend gas prices on record, President Trump urged executives from Chevron, Marathon Petroleum, Valero Energy, and PBF Energy, among others, to raise refining capacity to increase fuel availability.
The problem for the U.S. Administration two months ahead of the mid-term elections is that American refiners cannot raise output in the short term. They have been running at full capacity for the entire summer, as the U.S.-Iran war has crippled crude and fuel supply out of the Middle East and depleted global inventories after many governments, including the U.S., tapped strategic resources to ease the worst supply disruption in the history of oil markets.
Refiners do not have an immediate solution to the high prices at the pump—except, of course, a major de-escalation and a lasting deal with Iran. But none of the significant levers to lower U.S. fuel prices are in the hands of the U.S. refiners.
No Easy Fix
#energy
2 months ago
FC Barcelona star Gavi, who is recovering from a minor injury after playing 45 minutes in a 5-0 win over Elche, has sent a message of support to a child who was hurt by a police officer prior to the start of the game.
A video showed several fans being hit by police using batons outside the Estadio Manuel Martínez Valero after pro-Catalan independence flags, known as Esteladas, were confiscated on Sunday.
Yesterday, a photo published by the Penya Barcelonista de Sant Antoni, a Barcelona fan group, appeared to show the youngster smiling with a bandage on his head.
And today, Gavi left a comment which was simply four emojis: flexed bicep, flexed bicep, blue heart, red heart. The meaning was simple as well – sending strength and love to a fellow culé.
Club President Joan Laporta called the police actions "disproportionate and violent."
#police
A video showed several fans being hit by police using batons outside the Estadio Manuel Martínez Valero after pro-Catalan independence flags, known as Esteladas, were confiscated on Sunday.
Yesterday, a photo published by the Penya Barcelonista de Sant Antoni, a Barcelona fan group, appeared to show the youngster smiling with a bandage on his head.
And today, Gavi left a comment which was simply four emojis: flexed bicep, flexed bicep, blue heart, red heart. The meaning was simple as well – sending strength and love to a fellow culé.
Club President Joan Laporta called the police actions "disproportionate and violent."
#police
2 months ago
Barcelona star Fermín López has taken to social media on Monday, to show his appreciation for the efforts of new teammate and attacking partner-in-crime Anthony Gordon.
This of course comes after the latter got his stint in the famed Blaugrana red and blue underway in nothing short of superb fashion.
Barcelona kicked the defence of their La Liga ****** le into gear on Sunday night, courtesy of a trip to the Estadio Martínez Valero to face Elche. When all was said and done, Hansi Flick's troops made short work of their hosts, to the tune of a 5-0 drubbing.
The aforementioned Anthony Gordon was forced to watch on from the bench from the off in Alicante, but was introduced to proceedings for his debut during the 2nd-half.
And the England international wasted little time in providing the Barca faithful with a glimpse of his talents, laying on a pair of ****** ists within six minutes of stepping onto the pitch.
#short
This of course comes after the latter got his stint in the famed Blaugrana red and blue underway in nothing short of superb fashion.
Barcelona kicked the defence of their La Liga ****** le into gear on Sunday night, courtesy of a trip to the Estadio Martínez Valero to face Elche. When all was said and done, Hansi Flick's troops made short work of their hosts, to the tune of a 5-0 drubbing.
The aforementioned Anthony Gordon was forced to watch on from the bench from the off in Alicante, but was introduced to proceedings for his debut during the 2nd-half.
And the England international wasted little time in providing the Barca faithful with a glimpse of his talents, laying on a pair of ****** ists within six minutes of stepping onto the pitch.
#short
2 months ago
Barcelona star Alejandro Balde was not expecting the decision of manager Hansi Flick to drop him entirely from matchday duties for the club's opening fixture of the new campaign.
Barca, of course, are fresh off a spectacular opening to the defence of their La Liga ******* le on Sunday night. After making the trip to Alicante to take on Elche, the Blaugrana ran riot to the tune of a 5-0 triumph.
For the aforementioned Balde, however, from an individual standpoint, Sunday proved an evening to forget…
Amid mounting speculation surrounding his future in Catalunya's capital heading into the final week of the summer transfer window, the Spaniard was omitted from Barcelona's travelling squad bound for the Estadio Martínez Valero.
And this call, it has since been revealed, left Balde somewhat taken aback. As per a report from journalist Helena Condis of COPE:
#flick
Barca, of course, are fresh off a spectacular opening to the defence of their La Liga ******* le on Sunday night. After making the trip to Alicante to take on Elche, the Blaugrana ran riot to the tune of a 5-0 triumph.
For the aforementioned Balde, however, from an individual standpoint, Sunday proved an evening to forget…
Amid mounting speculation surrounding his future in Catalunya's capital heading into the final week of the summer transfer window, the Spaniard was omitted from Barcelona's travelling squad bound for the Estadio Martínez Valero.
And this call, it has since been revealed, left Balde somewhat taken aback. As per a report from journalist Helena Condis of COPE:
#flick
2 months ago
FC Barcelona's biggest signing of the summer so far, Rodri, is already preparing for his competitive debut, reports Mundo Deportivo.
After working individually last week because he joined the squad with limited pre-season preparation following his World Cup triumph and a minor back procedure, Rodri trained alongside his teammates for the first time on Monday.
As Hansi Flick had announced before the match against Elche, the midfielder worked with the players who either played limited minutes or did not feature at Estadio Manuel Martinez Valero.
The starters completed a recovery session instead. Among those who played against Elche, only Raphinha, Fermin Lopez, Karim Adeyemi and Pedri took to the pitch at the ***** o Vilanova training ground.
Rodri has now begun his return to full training with Thursday's match against Athletic Club in mind.
#rodri #elche #played #deportivo
After working individually last week because he joined the squad with limited pre-season preparation following his World Cup triumph and a minor back procedure, Rodri trained alongside his teammates for the first time on Monday.
As Hansi Flick had announced before the match against Elche, the midfielder worked with the players who either played limited minutes or did not feature at Estadio Manuel Martinez Valero.
The starters completed a recovery session instead. Among those who played against Elche, only Raphinha, Fermin Lopez, Karim Adeyemi and Pedri took to the pitch at the ***** o Vilanova training ground.
Rodri has now begun his return to full training with Thursday's match against Athletic Club in mind.
#rodri #elche #played #deportivo
2 months ago
Barcelona could hardly have asked for a more convincing start to their La Liga **** le defence.
A 5-0 win away at Elche gave Hansi Flick's side three points, five goals and plenty of reasons to feel positive about the season ahead.
Raphinha and Fermin Lopez both scored twice at the Martínez Valero, while Karim Adeyemi also found the net as Barcelona made a powerful statement in their first league outing. Yet the result was only part of the story.
With Barça playing without a recognised centre-forward, questions over the club's plans for a new No. 9 remain firmly alive.
Flick also used his post-match press conference to praise Raphinha's leadership, explain the situation surrounding Alejandro Balde and provide an update after Gavi was forced off with a knock to his right knee.
#liga #hansi #raphinha #valero
A 5-0 win away at Elche gave Hansi Flick's side three points, five goals and plenty of reasons to feel positive about the season ahead.
Raphinha and Fermin Lopez both scored twice at the Martínez Valero, while Karim Adeyemi also found the net as Barcelona made a powerful statement in their first league outing. Yet the result was only part of the story.
With Barça playing without a recognised centre-forward, questions over the club's plans for a new No. 9 remain firmly alive.
Flick also used his post-match press conference to praise Raphinha's leadership, explain the situation surrounding Alejandro Balde and provide an update after Gavi was forced off with a knock to his right knee.
#liga #hansi #raphinha #valero
2 months ago
The first front pages of the Mourinho era debut with a scare and a new hero. A guy with a guardian angel, according to As.
Espanyol had Real Madrid on the ropes, and Espí had to arrive in the 90th minute to save the day. 1-2. The first joy for Marca.
Mourinho, true to his combative style, denounced the bullying Vinicius continues to suffer from rivals and fans.
Barça, the reigning champions, begin the league away from home at the Martínez Valero against Elche, with Flick one ****** le away from matching Cruyff and Guardiola in the club of three-time champions.
Going for the third, declare Sport and Mundo Deportivo in unison.
#madrid #marca
Espanyol had Real Madrid on the ropes, and Espí had to arrive in the 90th minute to save the day. 1-2. The first joy for Marca.
Mourinho, true to his combative style, denounced the bullying Vinicius continues to suffer from rivals and fans.
Barça, the reigning champions, begin the league away from home at the Martínez Valero against Elche, with Flick one ****** le away from matching Cruyff and Guardiola in the club of three-time champions.
Going for the third, declare Sport and Mundo Deportivo in unison.
#madrid #marca
2 months ago
Chevron Corporation (NYSE:CVX) is one of the largest integrated energy companies in the world. The stock hit an all-time peak earlier this year and has surged by over 35% since the beginning of 2026, supported by high energy prices and strong earnings amid the disruptions in the Middle East.
After pulling back over the last few months, Chevron is now bouncing back, and the ****** ysts over at Morgan Stanley expect this rally to continue at full pace. On August 19, the ****** yst firm raised its price target on CVX from $210 to $218, while reaffirming an 'Overweight' rating on its shares. This is up almost 6% from the current levels and even above the stock's all-time high of just under $215 achieved earlier this year.
The bullish outlook comes as Morgan Stanley adjusted its price estimates and targets in the energy sector to reflect the latest 2026 outlooks and current strip prices. The firm believes that integrated energy companies, like Chevron, have not yet rallied as much with the soaring refining margins as the pure-play refiners.
Despite Chevron's impressive YTD performance, its gains pale in comparison with those of refiners like Valero Energy and Marathon Petroleum, whose stocks have each soared by over 100% since the beginning of 2026.
Photo by Luis Ramirez on Unsplash
#Companies #time
After pulling back over the last few months, Chevron is now bouncing back, and the ****** ysts over at Morgan Stanley expect this rally to continue at full pace. On August 19, the ****** yst firm raised its price target on CVX from $210 to $218, while reaffirming an 'Overweight' rating on its shares. This is up almost 6% from the current levels and even above the stock's all-time high of just under $215 achieved earlier this year.
The bullish outlook comes as Morgan Stanley adjusted its price estimates and targets in the energy sector to reflect the latest 2026 outlooks and current strip prices. The firm believes that integrated energy companies, like Chevron, have not yet rallied as much with the soaring refining margins as the pure-play refiners.
Despite Chevron's impressive YTD performance, its gains pale in comparison with those of refiners like Valero Energy and Marathon Petroleum, whose stocks have each soared by over 100% since the beginning of 2026.
Photo by Luis Ramirez on Unsplash
#Companies #time
2 months ago
Brown Brothers Harriman, an investment management company, released its Q2 2026 investor letter for the "BBH Select Mid Cap ETF". A copy of the letter can be downloaded here. In the quarter, the fund increased 9.7% on a total return basis compared to the Russell Midcap Index's 13.8% return. Artificial intelligence is a key factor influencing market performance, with high-valuation and high-beta companies consistently outperforming others. The portfolio saw gains from being overweight in technology and industrials but missed opportunities due to underweighting more cyclical stocks. At the end of Q2 2026, the Fund held positions in 27 companies, with 48% of ***** ets concentrated in the top 10 holdings. The Fund's strategy focuses on companies priced below intrinsic value to ensure a margin of safety, rather than on whether valuations are high or low. Additionally, reviewing the Fund's top five holdings could help identify its best picks for 2026.
In its Q2 2026 investor letter, BBH Select Mid Cap ETF highlighted Darling Ingredients Inc. (NYSE:DAR). Darling Ingredients Inc. (NYSE:DAR) is a leader in converting edible and inedible bio-nutrients to sustainable natural ingredients. On August 19, 2026, Darling Ingredients Inc. (NYSE:DAR) closed at $66.94 per share, reflecting a market capitalization of $10.56 billion. Darling Ingredients Inc. (NYSE:DAR) posted a one-month return of 5.58%, while its shares gained 110.37% over the past 52 weeks.
BBH Select Mid Cap ETF stated the following regarding Darling Ingredients Inc. (NYSE:DAR) in its Q2 2026 investor letter:
"The Fund's largest detractors to performance in the quarter were Guidewire Software Inc. (Guidewire) and Darling Ingredients Inc. (NYSE:DAR). Darling returned -11.7% during the quarter, ending with a weight of 4.0% after trimming the position early in the quarter on strength. Darling is the global leader in rendering animal byproducts and used cooking oil into fats and proteins for a variety of end uses, including animal feed, specialty health products, and renewable diesel through a joint venture with Valero called Diamond Green Diesel (DGD). Darling reported stronger than expected first quarter 2026 results, driven by better performance in the core Feed and Food segments, as well as stronger margins at DGD. Notwithstanding lower oil prices at quarter- end, Darling is extremely well-positioned for significantly improved profitability, with long-awaited certainty on government mandates finalized at the end of first quarter 2026, which will support both margins at DGD and higher Feed prices. These end markets are further benefiting from higher prices as a result of the recent conflict in the Middle East. The full benefit of recent development will start to be apparent in second quarter 2026."
#darling #select #investor #return
In its Q2 2026 investor letter, BBH Select Mid Cap ETF highlighted Darling Ingredients Inc. (NYSE:DAR). Darling Ingredients Inc. (NYSE:DAR) is a leader in converting edible and inedible bio-nutrients to sustainable natural ingredients. On August 19, 2026, Darling Ingredients Inc. (NYSE:DAR) closed at $66.94 per share, reflecting a market capitalization of $10.56 billion. Darling Ingredients Inc. (NYSE:DAR) posted a one-month return of 5.58%, while its shares gained 110.37% over the past 52 weeks.
BBH Select Mid Cap ETF stated the following regarding Darling Ingredients Inc. (NYSE:DAR) in its Q2 2026 investor letter:
"The Fund's largest detractors to performance in the quarter were Guidewire Software Inc. (Guidewire) and Darling Ingredients Inc. (NYSE:DAR). Darling returned -11.7% during the quarter, ending with a weight of 4.0% after trimming the position early in the quarter on strength. Darling is the global leader in rendering animal byproducts and used cooking oil into fats and proteins for a variety of end uses, including animal feed, specialty health products, and renewable diesel through a joint venture with Valero called Diamond Green Diesel (DGD). Darling reported stronger than expected first quarter 2026 results, driven by better performance in the core Feed and Food segments, as well as stronger margins at DGD. Notwithstanding lower oil prices at quarter- end, Darling is extremely well-positioned for significantly improved profitability, with long-awaited certainty on government mandates finalized at the end of first quarter 2026, which will support both margins at DGD and higher Feed prices. These end markets are further benefiting from higher prices as a result of the recent conflict in the Middle East. The full benefit of recent development will start to be apparent in second quarter 2026."
#darling #select #investor #return
2 months ago
A couple of weeks ago during "Market on Close," I fielded a question about refining stocks like Valero (VLO), Marathon (MPC), and Phillips 66 (PSX). I basically said the price action represented a pause, because the market had mispriced the risk in the refined product market.
It's a supply-and-demand story I've also detailed in this ***** e with regard to the VanEck Vectors Oil Refiners ETF (CRAK), which is now up about 10% since I made those comments on the livestream, and spiking to new highs today.
As 30-Year Yields Spike to 5.31%, Our Top Chart Strategist Warns There's a Risk to Stocks: 'In a Word, Yes'
Cooler US Weather Forecasts Weigh on Nat-Gas Prices
Did the Commodities Complex See Turnaround Activity Overnight?
#market #stocks #marathon
It's a supply-and-demand story I've also detailed in this ***** e with regard to the VanEck Vectors Oil Refiners ETF (CRAK), which is now up about 10% since I made those comments on the livestream, and spiking to new highs today.
As 30-Year Yields Spike to 5.31%, Our Top Chart Strategist Warns There's a Risk to Stocks: 'In a Word, Yes'
Cooler US Weather Forecasts Weigh on Nat-Gas Prices
Did the Commodities Complex See Turnaround Activity Overnight?
#market #stocks #marathon
2 months ago
Marathon Petroleum (MPC) posted $17.73 EPS against a $13.95 estimate as its refining margin nearly doubled to $36 per barrel.
Valero (VLO) warns margins could drop 28% by 2027, but structural limits keep today's crack spreads historically wide. No new U.S. refinery has been built since 1976.
Act now: the **** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Marathon Petroleum didn't make the cut. Grab the names FREE today.
Marathon Petroleum (NYSE:MPC) reported $17.73 in quarterly earnings per share against a $13.95 estimate, and its stock is up 90.47% year to date. If you have been grumbling at the pump about $4.08 gasoline, congratulations, you found the party. However, you were not invited unless you were invested here.
CNBC's Pippa Stevens laid out the setup on air Tuesday. "Fuel prices are high and crude has pulled back, creating a perfect situation for the refiners. EPS up 975% quarter over quarter and nearly 350% year over year." That is the whole thesis in two sentences. Marathon booked $5.14 billion in net income, up from $1.22 billion a year earlier, and returned over $2.80 billion to shareholders in a single quarter. Revenue landed at $51.99 billion. That cleared the $41.44 billion consensus.
#quarter #valero #NVIDIA
Valero (VLO) warns margins could drop 28% by 2027, but structural limits keep today's crack spreads historically wide. No new U.S. refinery has been built since 1976.
Act now: the **** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Marathon Petroleum didn't make the cut. Grab the names FREE today.
Marathon Petroleum (NYSE:MPC) reported $17.73 in quarterly earnings per share against a $13.95 estimate, and its stock is up 90.47% year to date. If you have been grumbling at the pump about $4.08 gasoline, congratulations, you found the party. However, you were not invited unless you were invested here.
CNBC's Pippa Stevens laid out the setup on air Tuesday. "Fuel prices are high and crude has pulled back, creating a perfect situation for the refiners. EPS up 975% quarter over quarter and nearly 350% year over year." That is the whole thesis in two sentences. Marathon booked $5.14 billion in net income, up from $1.22 billion a year earlier, and returned over $2.80 billion to shareholders in a single quarter. Revenue landed at $51.99 billion. That cleared the $41.44 billion consensus.
#quarter #valero #NVIDIA
2 months ago
Minnesota United's inclusion in Leagues Cup includes two more matches over the next week, but the Loons were all but eliminated after its first match Tuesday.
At least seven points were necessary for MLS teams to advance in the 2025 edition of the tournament with Mexico's Liga MX, and Minnesota can only reach six after a 2-1 loss to FC Juarez at Allianz Field.
Juarez looked like the tonic Minnesota needed amid a seven-game winless lull in MLS play. Juarez had suffered three straight losses to begin its Liga MX season and fired its head coach Pedro Caixinha on Sunday.
Interim Juarez coach Salvador Valero's side took advantage of Minnesota's poor defending in the first half to take a 2-1 lead.
Minnesota didn't close down on left wing Jose Luis Rodriguez in the attacking third in the 22nd minute. All that time and ****** e allowed him to send in a bouncing cross bounced in the box and as Guilherme Castilho got behind Devin Padelford for a header goal.
#coach
At least seven points were necessary for MLS teams to advance in the 2025 edition of the tournament with Mexico's Liga MX, and Minnesota can only reach six after a 2-1 loss to FC Juarez at Allianz Field.
Juarez looked like the tonic Minnesota needed amid a seven-game winless lull in MLS play. Juarez had suffered three straight losses to begin its Liga MX season and fired its head coach Pedro Caixinha on Sunday.
Interim Juarez coach Salvador Valero's side took advantage of Minnesota's poor defending in the first half to take a 2-1 lead.
Minnesota didn't close down on left wing Jose Luis Rodriguez in the attacking third in the 22nd minute. All that time and ****** e allowed him to send in a bouncing cross bounced in the box and as Guilherme Castilho got behind Devin Padelford for a header goal.
#coach
2 months ago
Former Real Madrid academy midfielder Borja Valero has shared his thoughts on several of Real Madrid's biggest storylines in an interview with AS, discussing José Mourinho's return to the club, the pursuit of Rodri, the arrival of Yan Diomande, and what he expects from Los Blancos' upcoming preseason friendly against Fiorentina.
Valero admitted that Mourinho's return surprised him, but believes the Portuguese manager is the right choice to restore Real Madrid to competing for every major trophy.
"Obviously, Mourinho's return caught my attention, as I think it did for almost everyone. But the president has seen him as the key to getting back on the winning track. Real Madrid is the most demanding club in the world and isn't satisfied with just winning a Cup or Super Cup… you have to be at your best every year. Even if you've won the Champions League, it's quickly forgotten, because within months you already want to win it again. Now, Mourinho has been identified as the manager who can make the team compete for everything again. And after a difficult year, with different coaches… I hope Mou can be the key to fighting again. As a Real Madrid fan, I hope to be able to travel to a Champions League final, like I did last time."
He also praised Mourinho's ability to manage elite dressing rooms, suggesting that his leadership off the pitch is one of his greatest strengths.
"Off the field, there are certainly few who handle situations like Mourinho. What you see on the field is quite subjective. But it's true that outside, in the locker room, he's someone who can absolutely control a locker room like Real Madrid's. And that's probably why people say he's the right person for this moment."
#madrid #return #like #league
Valero admitted that Mourinho's return surprised him, but believes the Portuguese manager is the right choice to restore Real Madrid to competing for every major trophy.
"Obviously, Mourinho's return caught my attention, as I think it did for almost everyone. But the president has seen him as the key to getting back on the winning track. Real Madrid is the most demanding club in the world and isn't satisfied with just winning a Cup or Super Cup… you have to be at your best every year. Even if you've won the Champions League, it's quickly forgotten, because within months you already want to win it again. Now, Mourinho has been identified as the manager who can make the team compete for everything again. And after a difficult year, with different coaches… I hope Mou can be the key to fighting again. As a Real Madrid fan, I hope to be able to travel to a Champions League final, like I did last time."
He also praised Mourinho's ability to manage elite dressing rooms, suggesting that his leadership off the pitch is one of his greatest strengths.
"Off the field, there are certainly few who handle situations like Mourinho. What you see on the field is quite subjective. But it's true that outside, in the locker room, he's someone who can absolutely control a locker room like Real Madrid's. And that's probably why people say he's the right person for this moment."
#madrid #return #like #league
3 months ago
Fabio Paratici has wasted no time stamping his mark on this Fiorentina squad. He's brought in 5 new players already and more are coming. That's good news: the Viola needed to refresh a stale, ailing group. What I'm interested in, though, is the senior players the new sporting director has sold. No, I don't mean outcasts like Lucas Beltrán and Amir Richardson and Alessandro Bianco. I don't mean unfortunate salary casualty Robin Gosens. No, I mean all the academy-trained talent in the system.
Until the Viola create a B-team, it will lose a crop of academy kids every summer. Most of them never had a chance of breaking through to the first team. For the handful who might have the quality, finding an acceptable path within the club is difficult. The most common outcome is what happened to, say, Eduard Duțu last year: a promising young defender, he ended up on 7 loan deals before leaving Florence for good last year without ever making a senior appearance. Guys like Luca Ranieri—loans to Foggia, Ascoli, SPAL, and Salernitana before breaking through—are the exception. It's rare for to see one of these youngsters take that final step.
Young players matter to fans in a way they don't to the club itself. For fans, every 17-year-old who dribbles a 3rd-tier defender in preseason becomes a future star. That's not just luxurious thinking. We need that fantasy—the academy contains untold riches—because it reinforces two narratives that sustain us, especially through the lean years. First, we get to believe that we know ball and can identify buried talent because that allows us to think of ourselves as knowledgeable, superior, and in control of something over which we actually exert no control. Second, we get to think that Fiorentina is doing something better than other clubs, allowing us to enjoy vicarious success and prove to ourselves that there's a reason to support an organization that constantly falls short.
The other bit is that fans connect with kids they've watched grow up more than they do with senior players brought in on the open market. There are Borja Valero exceptions, of course, but in a vacuum, we'd all prefer an academy product more than a player of equal talent who transferred in. It demonstrates that the club's process is successful. It also provides a connection to the city: every time you see a kid like Tommaso Martinelli post a picture of himself as a child in the Curva Fiesole, it reinforces the depth of feeling the locals have for the club in a way that nothing else can.
Fiorentina has enjoyed unprecedented success at youth level in the Commisso era. Daniele Galloppa led the kids to their first scudetto in 43 years, adding that trophy to 4 Coppe Italia and 2 Supercoppe since the 2019-2020 season. There's been a rich seam of talent at the RBCVPetc, churning out senior internationals (Federico Chiesa, Jan Mlakar, Michael Kayode), promising youngsters (Daniele Ghilardi, Edoardo Pierozzi, Costantino Favasuli) and steady veterans dotting t
Until the Viola create a B-team, it will lose a crop of academy kids every summer. Most of them never had a chance of breaking through to the first team. For the handful who might have the quality, finding an acceptable path within the club is difficult. The most common outcome is what happened to, say, Eduard Duțu last year: a promising young defender, he ended up on 7 loan deals before leaving Florence for good last year without ever making a senior appearance. Guys like Luca Ranieri—loans to Foggia, Ascoli, SPAL, and Salernitana before breaking through—are the exception. It's rare for to see one of these youngsters take that final step.
Young players matter to fans in a way they don't to the club itself. For fans, every 17-year-old who dribbles a 3rd-tier defender in preseason becomes a future star. That's not just luxurious thinking. We need that fantasy—the academy contains untold riches—because it reinforces two narratives that sustain us, especially through the lean years. First, we get to believe that we know ball and can identify buried talent because that allows us to think of ourselves as knowledgeable, superior, and in control of something over which we actually exert no control. Second, we get to think that Fiorentina is doing something better than other clubs, allowing us to enjoy vicarious success and prove to ourselves that there's a reason to support an organization that constantly falls short.
The other bit is that fans connect with kids they've watched grow up more than they do with senior players brought in on the open market. There are Borja Valero exceptions, of course, but in a vacuum, we'd all prefer an academy product more than a player of equal talent who transferred in. It demonstrates that the club's process is successful. It also provides a connection to the city: every time you see a kid like Tommaso Martinelli post a picture of himself as a child in the Curva Fiesole, it reinforces the depth of feeling the locals have for the club in a way that nothing else can.
Fiorentina has enjoyed unprecedented success at youth level in the Commisso era. Daniele Galloppa led the kids to their first scudetto in 43 years, adding that trophy to 4 Coppe Italia and 2 Supercoppe since the 2019-2020 season. There's been a rich seam of talent at the RBCVPetc, churning out senior internationals (Federico Chiesa, Jan Mlakar, Michael Kayode), promising youngsters (Daniele Ghilardi, Edoardo Pierozzi, Costantino Favasuli) and steady veterans dotting t
3 months ago
Madridistas got their first look at Jose Mourinho 2.0's Real Madrid as the side took on Primera RFEF opponents AD Alcorcón at the Estadio Alfredo Di Stéfano on Friday evening, with Dani Yáñez scoring the only goal of the game from the penalty spot.
The first 20 minutes of action were open for journalists and viewers on Real Madrid TV, with a series of substitutions meaning that this game was entirely focused on building fitness for those who weren't involved in this summer's World Cup.
Here, we run through some of the takeaways from the short sighting of action.
The line-up which started this game featured Andriy Lunin in goal, a strong defensive unit of Trent Alexander-Arnold, Dean Huijsen, Raúl Asencio and Álvaro Carreras, but much weaker midfield and attacking depth where the trios were formed by Thiago Cestero, Eduardo Camavinga and Arda Güler and in attack by Franco Mastantuono, Gonzalo García and Gabri Valero. The club reported that the XI on the field at the time of the final whistle were all players from Castilla and the club's youth teams.
While the available first team players were always likely to have a strong influence on how Jose Mourinho set his team up here, it was intriguing to see that Real Madrid began pre-season with a 4-3-3 shape. The system was what worked so well in Mourinho's previous stint at the club, although he operated more regularly with a 4-2-3-1 with Benfica last season. At times, this shape did shift to look like a 4-2-3-1, with Güler stepping forward ahead of Cestero and Camavinga, and showing some of the tactical versatility that could be a point to watch in pre-season.
#season
The first 20 minutes of action were open for journalists and viewers on Real Madrid TV, with a series of substitutions meaning that this game was entirely focused on building fitness for those who weren't involved in this summer's World Cup.
Here, we run through some of the takeaways from the short sighting of action.
The line-up which started this game featured Andriy Lunin in goal, a strong defensive unit of Trent Alexander-Arnold, Dean Huijsen, Raúl Asencio and Álvaro Carreras, but much weaker midfield and attacking depth where the trios were formed by Thiago Cestero, Eduardo Camavinga and Arda Güler and in attack by Franco Mastantuono, Gonzalo García and Gabri Valero. The club reported that the XI on the field at the time of the final whistle were all players from Castilla and the club's youth teams.
While the available first team players were always likely to have a strong influence on how Jose Mourinho set his team up here, it was intriguing to see that Real Madrid began pre-season with a 4-3-3 shape. The system was what worked so well in Mourinho's previous stint at the club, although he operated more regularly with a 4-2-3-1 with Benfica last season. At times, this shape did shift to look like a 4-2-3-1, with Güler stepping forward ahead of Cestero and Camavinga, and showing some of the tactical versatility that could be a point to watch in pre-season.
#season
3 months ago
Commodity traders are having the rug pulled out from under one of their biggest paydays yet as refiners start bypassing oil and traders and buying Venezuelan crude directly, according to Reuters. Refiners and major oil-producing firms are rapidly gaining market share in Venezuelan crude by locking in direct supply contracts with state-run Petróleos de Venezuela, S.A. (PDVSA), bypassing the global middlemen and commodity trading houses such as Trafigura and Vitol that previously dominated the ***** e.
Six months after traders reopened Venezuela's oil market, Phillips 66 (NYSE:PSX) and India's Reliance Industries have already signed direct supply agreements, with Valero (NYSE:VLO) and Thailand's Tipco expected to follow.
Previously, Vitol and Trafigura enjoyed first-mover advantage, managing to become dominant in Venezuelan crude marketing because of their exclusive U.S. government licenses, pre-existing logistical infrastructure and historical ties to PDVSA. Following major political shifts in Venezuela in January, the U.S. administration brokered a deal to manage and sell the country's oil. The U.S. Department of the Treasury issued special, long-term licenses specifically to Vitol and Trafigura until June 2027, effectively giving the traders a temporary monopoly. The pair collectively moved more than 100 million barrels of crude over a six-month period while other global firms remained legally locked out.
Their unmatched logistics also gave them a clear upper hand. After all, global trading houses have the fleet capacity and global reach to quickly deploy tankers and reroute large volumes of crude. They could absorb massive storage and shipping costs in a difficult market, using floating storage facilities in places like Malaysia to break up bulk shipments. When the ongoing war in Iran disrupted Middle Eastern supply chains, Vitol and Trafigura quickly diverted heavy Venezuelan grades like Merey 16 to major Asian refining hubs in India, South Korea, and Malaysia at narrower discounts.
Related: Equinor CEO: Europe May Miss Winter Gas Storage Goal
#venezuelan #crude #storage
Six months after traders reopened Venezuela's oil market, Phillips 66 (NYSE:PSX) and India's Reliance Industries have already signed direct supply agreements, with Valero (NYSE:VLO) and Thailand's Tipco expected to follow.
Previously, Vitol and Trafigura enjoyed first-mover advantage, managing to become dominant in Venezuelan crude marketing because of their exclusive U.S. government licenses, pre-existing logistical infrastructure and historical ties to PDVSA. Following major political shifts in Venezuela in January, the U.S. administration brokered a deal to manage and sell the country's oil. The U.S. Department of the Treasury issued special, long-term licenses specifically to Vitol and Trafigura until June 2027, effectively giving the traders a temporary monopoly. The pair collectively moved more than 100 million barrels of crude over a six-month period while other global firms remained legally locked out.
Their unmatched logistics also gave them a clear upper hand. After all, global trading houses have the fleet capacity and global reach to quickly deploy tankers and reroute large volumes of crude. They could absorb massive storage and shipping costs in a difficult market, using floating storage facilities in places like Malaysia to break up bulk shipments. When the ongoing war in Iran disrupted Middle Eastern supply chains, Vitol and Trafigura quickly diverted heavy Venezuelan grades like Merey 16 to major Asian refining hubs in India, South Korea, and Malaysia at narrower discounts.
Related: Equinor CEO: Europe May Miss Winter Gas Storage Goal
#venezuelan #crude #storage
3 months ago
Stocks ended the week a long way from a bear market. But the "bear" word has started to crop up more in discussions among market ***** ysts. The Nasdaq ended below recent lows and leaning toward its next-nearest tests, the lows from June 26 and June 9. The S&P 500 finished ever-so-slightly below its 50-day moving average, equal to its last slip below the line from June 26.
On the downside, Sandisk (SNDK), Astera Labs (ALAB) and Marvell Technology (MRVL) booked the week's biggest losses on the Nasdaq 100, with an average drop of 25.3%. Paypal Holdings (PYPL), Cintas (CTAS) and Palo Alto Networks (PANW) held the upside, showing a 15.3% average gain. Results were similar on the S&P 500, but adding IBM (IBM) on the downside and Valero (VLO) among the week's winners.
The market is not providing a whole lot in the way of clues as to what comes next. Both the Nasdaq and the S&P 500 continue to trade below their early June highs. And rather than test those highs, wanting to break resistance and move higher, the indexes are instead testing lows and breaking technical support. Sellers are quietly overpowering buyers.
"Look, we are a trend-following methodology," says IBD Market Research Director Justin Nielsen. "And it's pretty easy when you're in a downtrend: we just kinda stay out. It's pretty easy when you're in an uptrend — that's where we like to push it, where we like to make money. This sideways action, this is where it's really tough."
That, for the time being, prescribes a course of caution: build watchlists, don't buy; rotate to cash where feasible and manage your capital with the understanding that it is unclear, for now, just where the stock market may be headed next.
On the downside, Sandisk (SNDK), Astera Labs (ALAB) and Marvell Technology (MRVL) booked the week's biggest losses on the Nasdaq 100, with an average drop of 25.3%. Paypal Holdings (PYPL), Cintas (CTAS) and Palo Alto Networks (PANW) held the upside, showing a 15.3% average gain. Results were similar on the S&P 500, but adding IBM (IBM) on the downside and Valero (VLO) among the week's winners.
The market is not providing a whole lot in the way of clues as to what comes next. Both the Nasdaq and the S&P 500 continue to trade below their early June highs. And rather than test those highs, wanting to break resistance and move higher, the indexes are instead testing lows and breaking technical support. Sellers are quietly overpowering buyers.
"Look, we are a trend-following methodology," says IBD Market Research Director Justin Nielsen. "And it's pretty easy when you're in a downtrend: we just kinda stay out. It's pretty easy when you're in an uptrend — that's where we like to push it, where we like to make money. This sideways action, this is where it's really tough."
That, for the time being, prescribes a course of caution: build watchlists, don't buy; rotate to cash where feasible and manage your capital with the understanding that it is unclear, for now, just where the stock market may be headed next.
3 months ago
Liverpool's summer reset under Andoni Iraola was always going to be bigger than one head coach walking through the door. Staff changes matter, especially at elite clubs where continuity, detail and specialist coaching can shape results as much as recruitment. Credit to James Pearce for The Athletic, who reports that Xavi Valero has now stepped down as Liverpool's head of first-team goalkeeper coaching.
This is straightforward enough on the surface. Valero informed Liverpool before the end of last season that he wanted to return to Spain. He leaves after only a year back at Anfield, and the departure is described as amicable. So, no drama, no conspiracy, no need to force a storyline where there may not be one.
Still, it is another significant change during an already busy transition. Iraola has brought four members of his Bournemouth staff with him, while departures in late May opened up several ******* es around the first team setup. Liverpool have kept Luiz Fernando Iubel in place, which matters because he offers a bridge between academy work and the senior environment, something smart clubs protect.
Photo: IMAGO
The immediate issue is obvious. Liverpool now need a new senior goalkeeper voice at a time when pre-season is about to begin. Colin Stewart is expected to take charge on an interim basis, and the club are ******* sing candidates. Interim fixes are fine in July, but goalkeeper coaching is one of those jobs where clarity and trust count for plenty.
This is straightforward enough on the surface. Valero informed Liverpool before the end of last season that he wanted to return to Spain. He leaves after only a year back at Anfield, and the departure is described as amicable. So, no drama, no conspiracy, no need to force a storyline where there may not be one.
Still, it is another significant change during an already busy transition. Iraola has brought four members of his Bournemouth staff with him, while departures in late May opened up several ******* es around the first team setup. Liverpool have kept Luiz Fernando Iubel in place, which matters because he offers a bridge between academy work and the senior environment, something smart clubs protect.
Photo: IMAGO
The immediate issue is obvious. Liverpool now need a new senior goalkeeper voice at a time when pre-season is about to begin. Colin Stewart is expected to take charge on an interim basis, and the club are ******* sing candidates. Interim fixes are fine in July, but goalkeeper coaching is one of those jobs where clarity and trust count for plenty.
4 months ago
CVS Health leads this Magic Formula ranking for retirees; Valero's forward P/E of 9 tempts but crack spread-driven earnings make income unreliable.
Qualcomm's 38% automotive revenue growth and 36% return on equity impress, but its 1.6 beta and 18% monthly share decline disqualify it for retirees.
The Magic Formula screens for cheapness and quality, but retirees must layer in dividend stability and low volatility before selecting core portfolio holdings.
Act now: the ****** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Qualcomm didn't make the cut. Grab the names FREE today.
Joel Greenblatt's Magic Formula, popularized in The Little Book That Beats the Market, ranks stocks on two factors: earnings yield (operating earnings divided by enterprise value) and return on capital (how efficiently a business converts invested dollars into profits). For retirement investors, Magic Formula scores are only the starting point. Income reliability, business durability, and volatility matter equally. A bargain-screened name can still be wrong for a retiree if cash flows swing with commodity cycles or if its multiple ****** umes growth that may not arrive.
Qualcomm's 38% automotive revenue growth and 36% return on equity impress, but its 1.6 beta and 18% monthly share decline disqualify it for retirees.
The Magic Formula screens for cheapness and quality, but retirees must layer in dividend stability and low volatility before selecting core portfolio holdings.
Act now: the ****** yst who called NVIDIA in 2010 just named his top 10 AI stocks — and Qualcomm didn't make the cut. Grab the names FREE today.
Joel Greenblatt's Magic Formula, popularized in The Little Book That Beats the Market, ranks stocks on two factors: earnings yield (operating earnings divided by enterprise value) and return on capital (how efficiently a business converts invested dollars into profits). For retirement investors, Magic Formula scores are only the starting point. Income reliability, business durability, and volatility matter equally. A bargain-screened name can still be wrong for a retiree if cash flows swing with commodity cycles or if its multiple ****** umes growth that may not arrive.
4 months ago
Exxon Mobil stock's support from institutional investors is being tested as an interim agreement between the U.S. and Iran bears relief for global oil markets.
On Wednesday, President Donald Trump signed a memorandum of understanding with Iran that begins a 60-day period for finalizing a possible peace deal to end the four-month conflict. The agreement lifted Iranian shipping restrictions on the Strait of Hormuz, a key waterway for oil transportation, easing energy prices as the supply of oil increases.
U.S. West Texas Intermediate futures fell to around $76 per barrel on Thursday. Prices moved below $80 per barrel on Monday for the first time in months. While oil prices are tumble from recent highs, energy costs will likely remain high for the immediate future as shippers continue to watch for developments or whether the U.S.-Iran deal will hold. Meanwhile, refineries that depend on oil transported through the Strait of Hormuz will likely need time to resume production.
U.S. energy names fell on the news, with Exxon Mobil (XOM) stock plunging more than 4% on Monday, The stock tumbled 6.3% for the week to 137.81, just above its 200-day moving average. XOM stock has been trending lower since early April as a U.S.-Iran ceasefire got underway.
Still, institutional buyers are still likely to give Exxon stock some support. "In our model, the billion dollar funds were buying Exxon, they're buying Valero, they're buying (chemical company) Corteva," Scott Bennett, founder of Invest with Rules and IWR Advisors, told the "Investing with IBD" podcast.
On Wednesday, President Donald Trump signed a memorandum of understanding with Iran that begins a 60-day period for finalizing a possible peace deal to end the four-month conflict. The agreement lifted Iranian shipping restrictions on the Strait of Hormuz, a key waterway for oil transportation, easing energy prices as the supply of oil increases.
U.S. West Texas Intermediate futures fell to around $76 per barrel on Thursday. Prices moved below $80 per barrel on Monday for the first time in months. While oil prices are tumble from recent highs, energy costs will likely remain high for the immediate future as shippers continue to watch for developments or whether the U.S.-Iran deal will hold. Meanwhile, refineries that depend on oil transported through the Strait of Hormuz will likely need time to resume production.
U.S. energy names fell on the news, with Exxon Mobil (XOM) stock plunging more than 4% on Monday, The stock tumbled 6.3% for the week to 137.81, just above its 200-day moving average. XOM stock has been trending lower since early April as a U.S.-Iran ceasefire got underway.
Still, institutional buyers are still likely to give Exxon stock some support. "In our model, the billion dollar funds were buying Exxon, they're buying Valero, they're buying (chemical company) Corteva," Scott Bennett, founder of Invest with Rules and IWR Advisors, told the "Investing with IBD" podcast.
