News
The day at a glance · 3 min read
Mood · Risk-On
+68
Sentiment, −100 to +100
PSX YTD Gain
110%+110%
Refining Sector
VLO YTD Gain
140%+140%
Refining Sector
NEE DOE Loan
$1.9B
Utilities & Nuclear
Key driverElevated refining margins from geopolitical supply disruptions and major oil companies' commitment to LNG expansion are driving energy sector performance
Daily briefEnergy· Money365.Market AI ·

Refiners Rally on Margin Surge; LNG Bets Intensify

Phillips 66 and Valero surge over 100% YTD on tight refining markets; ExxonMobil and Chevron double down on LNG at Bangkok conference.

Refining Sector

Bullish
PSXVLO
Phillips 66 ($PSX) has posted gains of over 110% since the beginning of 2026, driven by an unusually sharp surge in global refining margins amid war in the Middle East that has significantly tightened the world's refining capacity and reduced supplies of gasoline, diesel, and jet fuel. BMO and UBS both see the refiner potentially breaking into new highs, with the stock currently trading near its all-time high.
Valero Energy Corporation ($VLO) has rallied over 140% since the beginning of 2026, fueled by the same sharp surge in global refining margins as ongoing disruptions have significantly reduced the world's refining capacity and tightened supplies of gasoline, diesel, and jet fuel. Morgan Stanley sees more fuel for the rally despite the strong year-to-date performance.
Tariffs, pricier fuel and higher interest costs are reshaping which U.S. oil refiners and fuel infrastructure stocks can turn elevated diesel and jet fuel margins into durable cash flow, with some businesses seeing freight and financing pain while others are collecting richer spreads on every barrel they process or store.

Oil & Gas Majors

Bullish
CVXXOM
Chevron Corporation ($CVX) and ExxonMobil Holdings Corporation ($XOM) both used the Gastech conference in Bangkok to make the same bet that the world's demand for liquefied natural gas will continue to increase, disruptions and all. The two leading energy companies chose the same week, the same city, and virtually the same stage to double down on LNG expansion plans.
ExxonMobil Holdings Corporation ($XOM) is nearing a preliminary agreement with Venezuela's state-owned PDVSA, potentially marking its return to the country almost two decades after its assets were nationalized, according to a Wall Street Journal report. The company has shown interest in the large Petromonagas heavy oil project in the Orinoco region.
Some of the world's largest oil and gas companies have adopted a new operational approach since the historic oil price crash of 2020, with production continuing to soar despite deep spending cuts across the sector.

Utilities & Nuclear

Bullish

NEE-D Merger Value

$66.8B

VA Supplier Program

$1B/year
NEEDDUK
NextEra Energy, Inc. ($NEE) announced that it had secured a loan of up to $1.9 billion from the U.S. Department of Energy to support the restart of a shuttered nuclear power plant in Iowa. The Duane Arnold Energy Center ceased operations in 2020 after 45 years of service and is now being prepared for a return to operation.
NextEra Energy, Inc. ($NEE) and Dominion Energy, Inc. ($D) announced a transformational Virginia benefits package to address concerns regarding their proposed $66.8 billion merger. The Virginia supplier program, worth up to $1 billion annually for five years, will direct spending toward contractors, suppliers, and service providers in the state.
Utilities are trading at attractive valuations while demand climbs, with focus on grid modernization and electrification infrastructure investment across the sector.

Oilfield Services

Bullish
HAL
Halliburton Company ($HAL) announced a multi-year contract from Eni S.p.A. ($E) for the Cronos ultra-deepwater development offshore Cyprus. The award covers integrated drilling, well construction, automation, and completion services for exploration and development wells in Block 6 of the Cyprus Exclusive Economic Zone, including drilling fluids, directional drilling, and LOGIX automation services.

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