Gasoline Refining Margins Surge to 4-Year High on Tight Supply
XOM sits 36% above its 52-week low of $105.525 on light trading volume (0.3× avg).
Summary
Northwest European gasoline refining margins jumped ~$4 to $43.69/barrel, a new 4-year high, driven by a larger-than-expected 1.5M barrel drop in U.S. gasoline inventories and a halving of Russian seaborne oil product exports. This directly benefits ExxonMobil's downstream earnings, which were a drag in Q1. The margin spike follows a Reuters report projecting record Q2 net income for Exxon, and adds upside to those estimates. With global oil inventories critically low per Exxon's own warning, refining margins could stay elevated into Q3.
At the time of this announcement, XOM was trading at $143.05 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $592.8B. The 52-week trading range was $105.53 to $176.41. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.