Refiners - Ready to Fire up!

Source: Reuters

"As we begin the spring and summer driving season, we are cautiously optimistic in our outlook for margins as a result of inventory draws, increased gasoline demand and continued low refinery utilization rates," Western Refining said.

POSITIVE RESULTS

Sunoco posted a net income of $59 million, or 50 cents a share, for the first-quarter ending March 31, higher than analysts' estimate of 33 cents a share, according to Reuters Estimates. [ID:nWNAB4773]

Tesoro's net earnings for the quarter were $51 million, or 37 cents a share, compared with a net loss of $82 million, or 60 cents a share, a year earlier. Analysts on average had forecast earnings of 40 cents a share. [ID:nWNAB4728]

Alon USA's net income for the first quarter was 17.4 million, or 37 cents a share, versus a loss of $33.6 million, or 72 cents a share last year, and better than Wall Street's expectation for a 33 cents per share profit. [ID:nWNAB4722]

Western Refining Inc earned 86 cents a share in the first quarter, higher than analysts' average forecast for earnings of 84 cents a share, according to Reuters Estimates.[ID:nBNG41202]

CVR's earnings excluding unrealized loss from a cash flow swap was 50 cents a share, compared with analysts estimate of 38 cents a share, according to Reuters Estimates.[ID:nBNG102169]

Sunoco shares were trading up 0.2 percent at $31.50, after having closed at $31.44 on the New York Stock Exchange.

Tesoro was down 2.4 percent at $18.45, while Alon was flat at $14.69.

Western Refining shares closed up 11 percent at $15.43 and CVR closed down 4.8 percent at $7.96.

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I am long SUNHJ- SUN Aug 35 calls as I expect that SUN will catch up with its peers and the whole sector is going to rally into Summer. HES, ALJ, FTO, MRO and COP could also be considered as good refining plays! 

PankaJ