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Valero Energy Corporation (VLO) is a leading US refining company. Higher oil and oil product prices have led to more attractive refining margins. Since reaching a low of $31 per share in March 2020 and a higher low of $35.44 in late October 2020, the shares more than doubled at the recent high and were trading above the $70 level at the end of last week.
An attractive dividend and the prospects for rising gasoline demand could push VLO shares a lot high over the coming weeks and months as the US heads into the peak driving season. The gasoline market has made a substantial comeback from the pandemic-stricken period in 2020, and that trend is likely to continue. Higher gasoline demand in the post-pandemic period is bullish for Valero shares, which are back in the buy zone.
