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Wire

Update: Market Chatter: White House Looking to Expand US Oil Refining Capacity

(Updates with White House comment in the last paragraph.)The White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported Friday, citing two sources familiar with the plans.The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said.No final decisions were made, and participants expect conversations to continue, the report said."America's refining capacity is essential to ensuring the United States has continuous access to secure, affordable, and reliable energy," White House spokeswoman Taylor Rogers said in an email to. "Expanding that capacity is a top priority for the President and his energy team, who are evaluating concrete options to increase our refining capacity through regulatory reform, faster permitting, and additional investment."(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $165.11, Change: $-0.12, Percent Change: -0.07%

$MPC$PSX$VLO$XOM
Wire

Market Chatter: White House Looking to Expand US Oil Refining Capacity via Defense Production Act

The White House is mulling ways it can use the Defense Production Act to expand US oil refining capacity, Reuters reported Friday, citing two sources familiar with the plans.The suggestion to use the act occurred in a recent meeting between President Donald Trump and nearly a dozen US refiners, the report said, citing the sources, who added that no final decisions were made and that participants expected conversations to continue.The White House didn't immediately reply to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $165.36, Change: $+0.13, Percent Change: +0.08%

$MPC$PSX$VLO$XOM
Wire

White House Looking to Expand US Oil Refining Capacity Via Defense Production Act, Reuters Reports

White House Looking to Expand US Oil Refining Capacity Via Defense Production Act, Reuters Reports

$MPC$PSX$VLO$XOM
Wire

UBS Adjusts Marathon Petroleum Price Target to $450 From $321, Maintains Buy Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $337.12, according to analysts polled by FactSet.Price: $396.73, Change: $+7.90, Percent Change: +2.03%

$MPC
Equities

S&P 500 Posts Slight Weekly Gain as Energy Climbs, Consumer Discretionary Weighs

The Standard & Poor's 500 index edged up 0.1% this week as gainers led by the energy sector barely outweighed decliners guided by consumer discretionary stocks.The S&P 500 ended Friday's session at 7,718.60. On Monday, the index concluded August with a 2.6% monthly gain. It's up nearly 13% for the year.August jobs data showed the economy added almost triple the positions expected last month. Nonfarm payrolls rose by 162,000 last month, the Bureau of Labor Statistics said Friday, compared with a 55,000 increase projected in a Bloomberg-compiled survey.Bets rose for a September rate increase by the Federal Reserve's Federal Open Market Committee following the jobs report. As of Friday, markets were pricing in a 58% probability that the FOMC will raise its benchmark lending rate on Sept. 16, up from 49% on Thursday, according to the CME FedWatch tool.The energy sector had the largest percentage gain this week, up 2.3%, followed by a 1.1% rise in technology and a 0.7% increase in utilities. Health care also edged higher.The climb in the energy sector came as crude oil futures also rose on the week. Gainers in the sector included Marathon Petroleum (MPC), up 5.4% on the week, and Valero Energy (VLO), up 5.2%. Both stocks received boosts to their price targets this week from analysts as Piper Sandler and Wells Fargo.Top gainers in the technology sector included Dell Technologies (DELL), which rose 15%. The company's fiscal second-quarter results beat Wall Street's estimates, driven by record artificial intelligence server demand. Dell also lifted its full-year outlook.On the downside, consumer discretionary fell 2.1%, followed by a 1.6% drop in materials, a 1.3% loss in real estate and a 1.1% decline in industrials. Consumer staples, communication services and financials also moved lower.The consumer discretionary sector's decliners were led by Lululemon Athletica (LULU), whose shares shed 17%. The athletic apparel retailer reported weaker-than-expected fiscal Q2 revenue and cut its full-year outlook.The US stock market will be closed on Monday for Labor Day.Oracle (ORCL), Adobe (ADBE), Kroger (KR) and Macy's (M) are among the companies expected to release quarterly results later in the week.Economic data will include the August consumer price index and producer price index.

Dow JonesNasdaq CompositeS&P 500$DELL$LULU$MPC$VLO
Equities

Piper Sandler Adjusts Marathon Petroleum Price Target to $462 From $344, Maintains Overweight Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $337.12, according to analysts polled by FactSet.

$MPC
Commodities

US Refiners See Margins Surge in August as Diesel Cracks Strengthen, TPH Says

US refiners saw an improvement in operating indicators in August, led by stronger diesel cracks, wider crude differentials and gains across key refining regions, TPH Energy strategists said in a note on Wednesday.TPH analysts said among large-cap refiners, Phillips 66 (PSX) posted the biggest month-over-month improvement, while Valero Energy (VLO) retained the strongest quarter-over-quarter gain.The analysts said that in the small- and mid-cap group, CVR Energy led both measures as stronger Midwest diesel cracks lifted its refining indicator.Valero's refining indicator climbed to $47.07 a barrel in August from $43.11 in July, with improvements across the Mid-Continent, Gulf Coast and West Coast.Diesel cracks generally strengthened during the month, while crude differentials widened, particularly for Gulf Coast heavy grades such as Maya and WCS at Houston.TPH said the move pushed Valero's quarter-to-date refining indicator $15.00 per barrel higher than in Q2, the largest quarterly improvement among the large-cap refiners tracked by the consultancy.However, Valero's renewable diesel indicator slipped 13 cents per gallon from July, though it remained $1.27 per gallon above the Q2 level.Marathon Petroleum's (MPC) refining and marketing indicator rose to $48.70 per barrel from $42.14, in line with TPH's estimate.The improvement reflected stronger cracks across all regions, wider sour crude differentials and a more favorable market structure. Its quarter-to-date indicator was $13.29 per barrel above Q2.Phillips 66 posted the largest monthly increase among the large-cap refiners, with its indicator jumping $8.10 per barrel to $40.58.Gains were concentrated in the Gulf Coast and Central Corridor, helped in part by wider crude differentials. Its quarter-to-date indicator was $12.51 per barrel higher than in Q2.HF Sinclair's (DINO) refining indicator climbed $9.60 per barrel to $43.49, outperforming TPH's estimate, with gains in both regions and particularly great improvement on the West Coast.The company's lubricants indicator also edged higher to $222 per barrel, remaining $57 per barrel above the Q2 level.Par Pacific Holdings posted a smaller quarterly improvement, though its monthly indicator rose $8.43 a barrel to $39.77. TPH said that the increase was driven primarily by its two Rockies refineries, bringing the quarter-to-date gain to $2.41 per barrel from the Q2 levels.The consultancy said that among the smaller refiners, CVR Energy recorded the strongest performance. Its refining indicator jumped $11.41 per barrel to $55.17, in line with TPH's estimate, as stronger Midwest diesel cracks boosted results.The increase left CVR's quarter-to-date indicator $18.24 per barrel above the Q2 level, the largest quarterly gain across the companies tracked.Price: $391.48, Change: $+8.48, Percent Change: +2.21%

$DINO$MPC$VLO
Equities

Wells Fargo Adjusts Price Target on Marathon Petroleum to $400 From $359, Keeps Overweight Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $337.12, according to analysts polled by FactSet.

$MPC
Commodities

Update: Trump Plans White House Meeting With Oil Executives as Gasoline Tops $4

(Updates with White House comments throughout and removes "reportedly" from the headline.)US President Donald Trump will meet with refiners and distributors on Tuesday to discuss expanding US refining capacity, with the ultimate goal of reducing gasoline prices for consumers, a White House official toldon Monday.Trump plans to host oil executives Tuesday as US gasoline prices climb above $4 per gallon, multiple media outlets reported.Trump is "laser-focused" on ensuring that the administration's energy dominance agenda "translates into the most cost savings possible at the pump for consumers," said Taylor Rogers, a White House spokeswoman, told."As part of that commitment, the President will meet with industry leaders to collaborate on the best ways to increase refining capacity,... and bring down prices for the American people," Rogers said.The White House official said Trump is prioritizing near-term measures to increase American refining capacity and, in this way, lower gas prices."This is especially timely as we increase Venezuelan crude flow to US refineries," a White House official said.The meeting will also give Trump and his administration an opportunity to identify ways to ensure savings reach customers and consider additional measures to reduce prices, the official said.The US has become the leading producer and exporter of oil and natural gas under the administration's policy and regulatory approach and plans to build on that industry partnership, the White House official added.Interior Secretary Doug Burgum, Energy Secretary Chris Wright and National Energy Dominance Director Jarrod Agen will join Trump alongside small, medium and large refiners and distributors, the White House said.At least 10 fuel producers and distributors are likely to join Trump at the White House, with the gathering set for the afternoon, according to the reports.Executives reportedly received invitations only last week, with little clarity on the agenda or guest list.The participants reportedly include Marathon Petroleum (MPC), Delek US Holdings (DK), Chevron (CVX), PBF Energy (PBF) and Valero Energy (VLO).ExxonMobil (XOM), one of the largest US refiners by capacity, was not invited to Tuesday's White House meeting, according to Reuters.Gasoline prices average above $4/gal nationwide, while diesel prices are close to $6/gal, according to the American Automobile Association.Price: $370.01, Change: $+1.18, Percent Change: +0.32%

$CVX$DK$MPC$PBF$VLO$XOM
Commodities

Trump Reportedly Plans White House Meeting With Oil Executives as Gasoline Tops $4

US President Donald Trump plans to host oil executives Tuesday as US gasoline prices climb above $4 per gallon, according to multiple media reports Monday.At least 10 fuel producers and distributors could join Trump at the White House, with the gathering set for the afternoon, according to the reports.Executives received invitations only last week, with little clarity on the agenda or guest list.The participants reportedly include Marathon Petroleum (MPC), Delek US Holdings (DK), Chevron (CVX), PBF Energy (PBF) and Valero Energy (VLO).ExxonMobil (XOM), one of the largest US refiners by capacity, was not invited to Tuesday's White House meeting, according to Reuters.The meeting will focus on expanding US refining capacity to increase fuel supplies and lower gasoline prices for consumers, according to reports.Gasoline prices average above $4 per gallon nationwide, while diesel prices are close to $6/gal, according to the American Automobile Association.The White House did not immediately reply to' request for comment.Price: $370.28, Change: $+1.45, Percent Change: +0.39%

$CVX$DK$MPC$PBF$VLO$XOM
Commodities

US Fuel Inventories Stay Tight; Guyana, Permian Projects Support Energy Outlook, UBS Says

US fuel inventories remain tight despite high refinery utilization, while wider gas spreads support refiners, Guyana boosts Exxon Mobil's (XOM) cash flow potential, and new Permian pipelines bolster growing natural gas liquids demand, UBS said in a note on Wednesday.The US Department of Energy reported a 100,000-barrel crude inventory build for the latest week, below the 600,000-barrel consensus estimate and the 4.2-million-barrel American Petroleum Institute estimate.Gasoline inventories fell 2.54 million barrels over the same period, compared with a 700,000-barrel consensus draw and a 3.2 million-barrel decline in the American Petroleum Institute estimate.Diesel stocks declined 2.23 million barrels, versus a 1.6-million-barrel expected draw and a 500,000-barrel decline in the American Petroleum Institute estimate.US refinery utilization rose 0.2 percentage point over the week to 97.4%, UBS said, adding that such elevated rates typically do not last and could tighten fuel markets as seasonal maintenance increases.US diesel inventories now stand 14.4% below the five-year average and 9.5% below last year's level, while gasoline stocks sit 6% below the five-year average and 7% below 2025 levels.PADD 3 diesel inventories are 10% below the five-year average, while PADD 1, PADD 2 and PADD 5 stocks are 34.9%, 4.3% and 5.8% below their respective five-year averages.Gasoline inventories are 5.5% below the five-year average in PADD 3, 5.6% lower in PADD 1, 7.8% lower in PADD 2 and 6.5% lower in PADD 5.Q3 2026 quarter-to-date RIN-adjusted refining margins average $42.79 per barrel in the Mid-Continent, $46.27/bbl on the West Coast and $47.62/bbl in the North Atlantic.The Gulf Coast's RIN-adjusted crack averaged $43.88/bbl in Q3 of 2026 quarter to date, versus $30.45/bbl in Q2 and $15.26/bbl in Q3 2025.European natural gas prices have risen in recent weeks as tensions in the Middle East and offline liquefied natural gas facilities, including assets in Qatar, tighten regional markets, while US prices remain relatively insulated, UBS said.The spread between European TTF and Nymex Henry Hub gas prices has widened to about $20 per million British thermal units from roughly $10/MMBtu two months ago, improving the competitive position of North American refiners.UBS estimated that a $5/MMBtu increase in gas costs, if North American refining assets were exposed to European gas prices, would add about $1.5 billion in annual costs for Valero (VLO), $1.8 billion for Marathon Petroleum (MPC), and $922 million for Phillips 66 (PSX).Exxon Mobil's Guyana production averaged about 900,000 barrels per day in Q2 2026, while the Errea Wittu, the project's fifth floating production vessel, remains on track to start by year-end.The Exxon Mobil-led group is advancing the Longtail development toward a final investment decision and has begun evaluating a potential ninth floating production vessel.The group has recovered about $55 billion in invested capital and operating costs, reducing the legacy costs subject to recovery, although new spending will continue adding to the cost bank.UBS expects Guyana's lower capital intensity and higher entitlement volumes to boost free cash flow, with production potentially exceeding the 2030 target of 1.3 million b/d and generating over $6 billion annually for Exxon Mobil and over $4 billion for Chevron (CVX) at $70/bbl Brent.Multiple new gas-processing plants from Targa Resources (TRGP) and Enterprise Products Partners (EPD) in the Delaware and Midland basins, along with new EPD fractionators at Mont Belvieu, will require additional Y-grade pipeline capacity, UBS said.The new pipelines will connect Permian gas plants with fractionators expected to start over the next two to three years, supporting rising global demand for liquefied petroleum gas and ethane.Planned expansions include BANGL and Coastal Bend in Q4 2026, Bahia in Q4 2027, and Speedway in Q3 2027, adding Permian Y-grade takeaway capacity.UBS said the projects should ease natural gas liquids takeaway constraints and link rising Permian production with international LPG and ethane demand, while supporting Gulf Coast petrochemical feedstock costs.

$CVX$EPD$MPC$PSX$TRGP$VLO$XOM
Insider Trading

Marathon Petroleum Insider Sold Shares Worth $875,000, According to a Recent SEC Filing

Shawn M Lyon, Senior Vice President, Logistics and Storage, MPLX GP LLC, on August 13, 2026, sold 2,500 shares in Marathon Petroleum (MPC) for $875,000. Following the Form 4 filing with the SEC, Lyon has control over a total of 15,558 common shares of the company, with 12,619 shares held directly and 2,939 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1510295/000119312526354289/xslF345X05/ownership.xml

$MPC
Equities

Jefferies Adjusts Price Target on Marathon Petroleum to $413 From $335, Maintains Buy Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $334.71, according to analysts polled by FactSet.

$MPC
Sectors

Sector Update: Energy Stocks Rise Friday

Energy stocks rose Friday with the NYSE Energy Sector Index gaining 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.4%.The Philadelphia Oil Service Sector Index climbed 2.6%, and the Dow Jones US Utilities Index advanced 0.3%.West Texas Intermediate crude oil rose 1.4% to $82.41 a barrel, and global benchmark Brent advanced 1.7% to $88.53 a barrel. Henry Hub natural gas futures eased 0.3% to $2.72 per 1 million BTU.Transit through the Strait of Hormuz appeared to grind to a near standstill on Friday after two more ships were attacked at the chokepoint, Reuters reported. Abu Dhabi's national oil company said its vessels were attacked Thursday evening, and that the government of the United Arab Emirates blamed Iran, which made no immediate comment, the report said.In corporate news, Energy Transfer's (ET) Green Chile Project pipeline, a New Mexico natural gas project that would supply power-generation systems for a planned Oracle (ORCL) data center, has been delayed and is now expected to enter service next year, Bloomberg reported. Energy Transfer shares rose 1.4%.Phillips 66 (PSX) and Marathon Petroleum (MPC) held discussions earlier this year over a potential combination that would have created a company valued at $180 billion, Semafor reported. Phillips 66 shares rose 0.4%, and Marathon fell 0.3%.Shell (SHEL) lost a legal battle with environmental activists over an oil exploration campaign off South Africa's Wild Coast, Bloomberg reported. Shell shares rose 1.5%.Diversified Energy (DEC) is in preliminary talks to acquire Birch Resources, which operates in the Permian Basin, Reuters reported. Diversified Energy shares rose 1.1%.

$DEC$ET$MPC$PSX$SHEL
Sectors

Sector Update: Energy Stocks Rise Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.6%.The Philadelphia Oil Service Sector Index was climbing 2.9%, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil rose 1.1% to $82.15 a barrel, and the global benchmark Brent crude contract advanced 1.3% to $88.18 a barrel. Henry Hub natural gas futures added 0.9% to $2.75 per 1 million BTU.In geopolitical news, Treasury Secretary Scott Bessent said the US plans to announce measures on Iran next week that have "never been seen," CNN reported. Secretary of Defense Pete Hegseth said the US can sustain its blockade against Iran "indefinitely," Al Jazeera, a Middle Eastern broadcaster, reported. Transit through the Strait of Hormuz appeared to grind to a near standstill on Friday after two more ships were attacked at the chokepoint, Reuters reported. The Abu Dhabi National Oil Co. from the United Arab Emirates said its vessels were attacked Thursday evening, the news report said, adding that the UAE government blamed Iran, which made no immediate comment.In corporate news, Phillips 66 (PSX) and Marathon Petroleum (MPC) held discussions earlier this year over a potential combination that would have created an oil-and-gas company valued at about $180 billion, Semafor reported. Phillips 66 shares were down 0.1%, and Marathon was shedding 0.8%.Shell (SHEL) has lost a legal battle with environmental activists over an oil exploration campaign off South Africa's Wild Coast, Bloomberg reported. The Constitutional Court ruled that the exploration right cannot be renewed, Bloomberg said. The report said the five-year legal dispute began in 2021, when activists challenged Shell's planned seismic survey over concerns about community consultation and potential impacts on marine life. Shell shares were up 1%.Diversified Energy (DEC) is in preliminary talks to acquire Birch Resources, which operates in the Permian Basin, Reuters reported. Diversified Energy shares rose 1%.

$DEC$MPC$PSX$SHEL
Sectors

Sector Update: Energy

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1.4% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.6%.The Philadelphia Oil Service Sector Index was climbing 2.9%, and the Dow Jones US Utilities Index was up 0.7%.Front-month West Texas Intermediate crude oil rose 1.1% to $82.15 a barrel, and the global benchmark Brent crude contract advanced 1.3% to $88.18 a barrel. Henry Hub natural gas futures added 0.9% to $2.75 per 1 million BTU.In corporate news, Phillips 66 (PSX) and Marathon Petroleum (MPC) held discussions earlier this year over a potential combination that would have created an oil-and-gas company valued at about $180 billion, Semafor reported. Phillips 66 shares were down 0.2%, and Marathon was shedding 0.8%.

$MPC$PSX
Wire

Market Chatter: Phillips 66, Marathon Petroleum Held Merger Talks

Phillips 66 (PSX) and Marathon Petroleum (MPC) held merger discussions earlier this year over a potential combination that would have created an oil-and-gas company valued at about $180 billion, Semafor reported Friday, citing people familiar with the situation.The talks eventually ended and are unlikely to be revived in the near term, the people told Semafor.A combination would have created a refining giant accounting for roughly a quarter of US capacity but likely faced antitrust scrutiny and complications from Phillips 66 and Chevron's (CVX) chemicals joint venture and Marathon's ownership of MPLX (MPLX), according to the report.Phillips 66 and Marathon Petroleum didn't immediately respond to' requests for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $233.43, Change: $+0.81, Percent Change: +0.35%

$CVX$MPC$MPLX$PSX
Equities

BMO Capital Adjusts PT on Marathon Petroleum to $365 From $320, Maintains Outperform Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $325.71, according to analysts polled by FactSet.

$MPC
Equities

Mizuho Adjusts Price Target on Marathon Petroleum to $304 From $284, Keeps Neutral Rating

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $323.71, according to analysts polled by FactSet.

$MPC
Wire

Barclays Adjusts Marathon Petroleum Price Target to $321 From $289

Marathon Petroleum (MPC) has an average rating of overweight and mean price target of $322.53, according to analysts polled by FactSet.Price: $299.10, Change: $+1.35, Percent Change: +0.45%

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