Shares of refining company Phillips 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.
Image source: Getty Images.