News
The day at a glance · 3 min read
Mood · Selective
+25
Sentiment, −100 to +100
VLO Session Gain
+3.21%+3.21%
Refining Sector
PSX Session Gain
+1.94%+1.94%
Refining Sector
CVX YTD Return
36%+36%
Oil & Gas Majors
Key driverRefiner stocks rallied on Trump administration executive order allowing temporary highway use of dyed diesel and deferring federal fuel tax
Daily briefEnergy· Money365.Market AI ·

Refiners Rally on Policy Shift; Mega-Deals Face Hurdles

Trump diesel order lifts VLO, PSX; NextEra's $67B Dominion bid hits Virginia opposition; Chevron up 36% YTD ahead of buyback guidance

Refining Sector

Bullish
VLOPSX
Valero Energy ($VLO) and Phillips 66 ($PSX) climbed overnight after the Trump administration signed an executive order to temporarily allow off-road dyed diesel for highway use and defer the Federal excise tax. The policy shift provides immediate fuel cost relief across the refining sector.
Phillips 66 ($PSX) is trading at elevated valuation levels, backed by strong refining margins, diversified cash flows and a clear debt-reduction plan despite industry underperformance. The company has been identified as a top momentum pick for investors seeking exposure to the refining space.

Oil & Gas Majors

Bullish

OXY 12-Month Return

27.93%+27.93%

XOM 12-Month Return

50.7%+50.7%
CVXOXYXOM
Chevron ($CVX) stock is up 36% in 2026, with investors focused on the company's buyback guidance expected October 30. The stock currently trades at , with a mid-range target price near $212 and street target around $225. The company has been added to the Zacks Rank #1 Strong Buy List as of October 6th, 2026.
Occidental Petroleum ($OXY) was trading around $58.50 on October 5, up 1.62% on the day and 27.93% over twelve months. As an oil producer selling a commodity at a price set elsewhere, the company's competitive position rests on its cost structure rather than a traditional economic moat.
ExxonMobil ($XOM) stock returned 50.7% in the twelve months to October 2, 2026, against 16.4% for the S&P 500. The latest results in that period were shaped by a Middle East conflict that took fuel supply off the market and the company's production levels.

E&P and Services

Bullish

HAL Recent Session

$32.78+2.92%
HALCOPDVN
Halliburton ($HAL) stood at $32.78 in the closing of the recent trading day, denoting a 2.92% gain from the preceding session. The oilfield services provider outpaced the broader stock market in the session.
ConocoPhillips ($COP) signed a long-term LNG supply deal with Venture Global to buy 1 million tons of LNG annually for 20 years starting in 2030 as it expands its LNG portfolio. The agreement strengthens the company's position in the growing global LNG market.
Devon Energy ($DVN) has an impressive earnings surprise history and currently possesses the right combination of key ingredients for a likely beat in its next quarterly report. The company has consistently delivered upside to analyst estimates in recent quarters.

Utility Sector M&A

Bearish

Deal Value

$67B
NEED
NextEra Energy's ($NEE) proposed $67 billion acquisition of Dominion Energy ($D) is facing growing political opposition in Virginia, raising hurdles for what would be the largest U.S. utility deal, the Financial Times reported. The transaction has drawn resistance from state political leaders concerned about the merger's impact on Virginia ratepayers and energy policy.
A Virginia hearing examiner has told Dominion ($D) to release a memo on an FPL investigation related to the merger.
Dominion said the memo wasn't relevant to its merger with NextEra Energy ($NEE), but Clean Virginia, a customer advocacy group, said it speaks to the governance fitness of the potential combined company.

Renewables & Clean Energy

Bearish
FSLR
First Solar ($FSLR) lost 22% in the past year, underperforming NVIDIA, which returned 24% over the same period. The two companies are both classed in the semiconductor industry, but First Solar sells solar panels while NVIDIA sells chips for AI data centers, and investors have chosen the latter despite NVIDIA facing supply constraints and rising memory costs.

International Developments

Neutral

Trago Interest in PEL 90

10%

Upfront Cash Payment

$11M

Sintana Indirect Interest

49%
CVX
Sintana Energy agreed to transfer its Chevron ($CVX) affiliate Harmattan Energy Limited's entire 10% participating interest in Petroleum Exploration Licence 90 in Namibia. Under the agreement, Trago Energy will receive $11 million in cash upon completion, with additional contingent consideration tied to appraisal and production milestones including potential commercial production estimated at between 1.5 million and 2.5 million barrels of oil. Sintana maintains an indirect 49% interest in Trago, providing continued exposure to the licence and its future exploration potential.

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