Shares of energy companies rose after strong earnings from one major oil refinery.
Valero shares rallied after the oil refiner posted fourth-quarter profit ahead of Wall Street estimates. A spike in natural gas prices in Europe and tight capacity in the U.S. allowed Valero to realize higher gasoline and diesel prices while availing of cheaper natural-gas feedstock at its U.S. operations.
Rival Marathon Petroleum rose in sympathy.
Oil majors such as Exxon Mobil and Chevron, which report earnings Friday, also rose. Oil futures rose amid optimism about the outlook for Chinese demand.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-26-23 1729ET
