NEW YORK, May 5 (Reuters) - PointState Capital’s Zach Schreiber said on Monday that he recommended the shares of Valero Energy Co and Marathon Petroleum Corp because he sees crude prices falling and says U.S. refiners will benefit.
“We believe crude oil is going lower, much lower,” Schreiber said at the Sohn Investment Conference in New York, citing an expected build-up in crude oil inventories.
“Crude strength has led to complacency,” said Schreiber, who is chief executive and chief investment officer of PointState.
“We like Valero and Marathon Petroleum,” he said, also citing the strength of their balance sheets.
Shares of Valero were trading up 0.4 percent at $58.14, and Marathon shares were up 0.2 percent at $95.98.
Reporting by Svea Herbst-Bayliss, Rodrigo Campos, Sam Forgione and Luciana Lopez