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Refining Stocks Plunge to Near Two-Year Lows as Trump Tariffs Spur Demand Worries

NEW YORK (Reuters) -Shares of U.S. refiners fell to two-year lows on Friday in the wake of U.S. President Trump's announcement of new tariffs, as fears of slower oil and fuel demand and weakening refining margins rattled investors.

The refining stocks in the U.S. have hit near two-year lows due to concerns over demand, exacerbated by the reimposition of tariffs by former President Donald Trump on Chinese imports. These tariffs, which were part of a broader trade war, have led to fears of reduced economic activity and lower demand for refined products like gasoline and diesel. The S&P Supercomposite Oil & Gas Refining & Marketing Index, which tracks the performance of refining companies, has seen a significant decline, reflecting the sector's vulnerability to trade tensions and economic policy shifts. Additionally, the anticipation of reduced demand from China, a major consumer of U.S. refined products, has further pressured stock prices in the refining industry.

Read the Full Reuters Article at:
https://www.msn.com/en-ca/money/economy/refining-stocks-plunge-to-near-two-year-lows-as-trump-tariffs-spur-demand-worries/ar-AA1CjrHD