Refiners can prove durable when oil prices decline because those falling prices boost refining margins. PXI has made good on that theory. Over the past three months, the ETF has traded modestly higher while the Energy Select Sector SPDR (NYSEArca: XLE) has lost 6.3%. The United States Oil Fund (NYSEArca: USO) has plunged 26.6% over that period.

Citing “an overall healthy refining backdrop (post turnaround risk there but crude dynamics supportive for now), a healthy 1Q EPS setup (estimates look low) and higher investor appreciation for the retail business,” among other catalysts, Deutsche Bank sees more upside for refiners, according to Barron’s.

The bank is bullish on Valero Energy (NYSE: VLO), Marathon Petroleum (NYSE: MPC), Tesoro (NYSE: TSO) and Phillips 66 (NYSE: PSX). All four of those stocks are top 10 holdings in PXI and the quartet combines for 15.7% of the ETF’s weight. [An Energy ETF With Some Momentum]

PowerShares DWA Energy Momentum Portfolio