PSX News and Press, Phillips 66 From 05/18/22

Energy stocks (XLE) were not immune from Wednesday's steep selloff in equities (SPY), despite relatively positive developments across the commodity landscape. Natural gas prices (UNG) traded green most of the day, and are set to close flat, as continued production growth challenges led Pionee...

Chinese diesel output rose 14% in April while diesel exports fell 81%; gasoline output fell 6% while exports fell 40%; in aggregate, oil product exports fell over ~50% year on year (XOM) (CVX) (VLO) (MPC) (PSX). The monthly customs data is volatile; however, year-to-date gasoline and diesel e...

National average gasoline prices hit $4.57 Wednesday, a record, but JP Morgan's head of commodity research says consumers should prepare for gasoline prices above $6.00 this summer. Prices have already surpassed $6.00 per gallon in California, and are over $7.00 per gallon in parts of the sta...

Monday, Goldman laid out the bull case for refining, Tuesday morning JP Morgan forecasted "higher for longer" refining margins, Tuesday night Wells Fargo lifted refiner price targets, and Wednesday morning HSBC doubled refining margin assumptions for 2022 while lifting assumptions 30% for 202...

JP Morgan's integrated oil and refining analyst Phil Gresh updated his refining forecasts Tuesday, citing a long list of bullish trends, while flagging recession risk. Phil sees current margins normalizing to nearer historic averages in 2023, but says a bad hurricane season could lead to "run...

Phillips 66 (NYSE:PSX) traded at a new 52-week high today of $98.66. This new high was reached on below average trading volume as 1.1 million shares traded hands, while the average 30-day volume is approximately 4.2 million shares. Phillips 66 share prices have moved between a 52-week hi...

A stock market bottom is closer but more than half of the needed conditions have yet to be met, according to Oppenheimer. Now three out of 10 boxes in its Stock Market Bottom checklist are checked, up from just one last week, technical analyst Ari Wald wrote in a note. "While the checklist do...

Stanley Druckenmiller, former portfolio manager at George Soros's Quantum fund, and current Chief Investment Officer at his multi-billion dollar family office, acquired ~$250m worth of energy stocks during Q1. Unlike many fund managers, Druckenmiller is known for managing money with a "top do...

Energy (NYSEARCA:XLE) is easily the leading S&P industry sector in Monday's trading, +3.6% as it enjoys support from rising WTI crude oil prices to a fresh high for the month and U.S. gasoline futures topped $4/gallon for the first time ever. "The stronger [oil] products get, the more opt...

Shares of Phillips 66 (NYSE:PSX) traded today at $97.03, eclipsing its 52-week high. So far today approximately 1.5 million shares have been exchanged, as compared to an average 30-day volume of 4.2 million shares. Phillips 66 is an independent refiner with 12 refineries that have a tota...