Frontier Oil (NYSE:FTO) and Alon USA Energy (NYSE:ALJ) had their ratings boosted by Macquarie, which sees distillate demand growth in emerging markets creating a new refining cycle, which they believe has already gained momentum.
Macquarie said the trend will probably last as at least through 2013, "forming the basis for the next bull market that still remains in its early stages."
They added the global refining complex is quickly tightening as a result.
Macquarie increased their rating on Alon USA Energy Inc. (ALJ) to neutral, which closed Monday at $7.81, gaining $0.67, or 9.38 percent. Frontier Oil, which was upgraded to "Outperform," closed at $20.80, up $1.03, or 5.21 percent.
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