Oil Price Surge Creates Opportunity for Oil Refiners Amid Market Volatility

The price of crude oil crossing $100 per barrel has had its predictable effect on markets.

When oil prices rise, stocks fall and vice versa. This pattern has been seen since the US-Iran conflict began.

However, money isn't leaving the market; it's just moving to take advantage of higher oil prices. Integrated oil companies like ExxonMobil (NYSE: XOM) and Chevron (NYSE: CVX) are benefiting from this trend.

But other investors are eyeing a different opportunity in oil refiners, which are profiting from the widening crack spread - the profit margin per barrel earned by refineries. Phillips 66 (NYSE: PSX), Valero Energy Corp. (NYSE: VLO), and Marathon Petroleum (NYSE: MPC) have reported strong earnings due to this trend.