Gasoline Refining Margins Soar to 4-Year High, Boosting Refiner Profitability
PSX sits 49% above its 52-week low of $118.07 on light trading volume (0.2× avg).
Summary
Northwest European gasoline refining margins have surged to a fresh four-year high of $40.55 a barrel, driven by lower supplies and strong demand. This follows earlier reports of surging US gasoline prices and strong profitability for refiners. The robust margins directly translate to increased profitability for major refiners like Phillips 66, which was noted as a seller of gasoline barges, and also positively impacts Exxon Mobil's refining operations. This sustained strength in a key operational metric indicates strong financial performance for these companies.
At the time of this announcement, PSX was trading at $176.33 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $70.7B. The 52-week trading range was $118.07 to $190.61. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Reuters.