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PSXP - Why Phillips 66 Stock Plunged 18% in February
Phillips 66 Partners LP representing limited partner interest in the Partnership
Shares of refining companyPhillips 66 (NYSE: PSX) tumbled 18.1% in February, according to data provided by S&P Global Market Intelligence. The main issue weighing on the stock was the COVID-19 outbreak, which is starting to sap demand for oil. That more than offset some positive developments last month.
Crude oil prices cratered at the end of February due to concerns that the spreading COVID-19 outbreak was hurting demand for refined products. Because of that, refining margins will likely weaken until consumption starts picking back up after fears fade. That's bad news for Phillips 66, which battled against challenging market conditions during the fourth quarter.