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Commodities

Venezuela Oil Deal May Boost US Refiners as Heavy Crude Supply Rises, TPH Says

The US-Venezuela oil deal could boost heavy crude supplies for US refiners and widen discounts on heavy grades, TPH Energy Research said in a Monday note.US refiners processed 18.3 million barrels per day this year, including 4 million b/d of heavy crude from foreign suppliers, TPH Energy Research said.Heavy crude imports fell from 4.5 million b/d during 2016 to 2018, but Venezuela increased US shipments to 341,000 b/d from 140,000 in 2025.Venezuelan shipments reached 471,000 b/d in May 2026, accounting for about one-third of the country's 1.1 million b/d of production, according to the note.Valero Energy (VLO) led Venezuelan crude imports at 137,000 b/d, up from 69,000 in 2025, followed by Chevron (CVX) at 52,000 b/d and Phillips 66 (PSX) at 46,000 b/d, TPH said.Citgo imported 29,000 b/d and PBF Energy (PBF) took 24,000 b/d, while third-party traders Vitol and Trafigura handled 40,000 barrels per day, some of which could reach US refiners.Additional heavy crude supply could widen discounts, with Maya and Western Canadian Select at Houston trading $11 per barrel and $14/bbl below Brent, versus $8/bbl and $7/bbl in 2025, TPH said.

$CVX$PBF$PSX$VLO
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
Insider Trading

PBF Energy Insider Sold Shares Worth $12,344,541, According to a Recent SEC Filing

Thomas J. Nimbley, Director, on August 14, 2026, sold 169,925 shares in PBF Energy (PBF) for $12,344,541. Following the Form 4 filing with the SEC, Nimbley has control over a total of 793,737 Class A common shares of the company, with 793,737 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526354380/xslF345X05/ownership.xml

$PBF
Insider Trading

PBF Energy Insider Sold Shares Worth $5,557,500, According to a Recent SEC Filing

Trecia M Canty, Senior Vice President and General Counsel, on August 14, 2026, sold 75,000 shares in PBF Energy (PBF) for $5,557,500. Following the Form 4 filing with the SEC, Canty has control over a total of 191,779 Class A common shares of the company, with 191,779 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526354391/xslF345X05/ownership.xml

$PBF
Insider Trading

Pbf Energy Insider Sold Shares Worth $9,963,222, According to a Recent SEC Filing

Trecia M Canty, Senior Vice President and General Counsel, on August 12, 2026, sold 140,320 shares in Pbf Energy (PBF) for $9,963,222. Following the Form 4 filing with the SEC, Canty has control over a total of 191,779 Class A common shares of the company, with 191,779 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526352665/xslF345X05/ownership.xml

$PBF
Insider Trading

PBF Energy Insider Sold Shares Worth $4,456,006, According to a Recent SEC Filing

Paul T Davis, Senior Vice President, on August 12, 2026, sold 63,295 shares in PBF Energy (PBF) for $4,456,006. Following the Form 4 filing with the SEC, Davis has control over a total of 183,426 Class A common shares of the company, with 183,426 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526349491/xslF345X05/ownership.xml

$PBF
Insider Trading

PBF Energy Insider Sold Shares Worth $278,882, According to a Recent SEC Filing

Joseph Daniel Marino, Senior Vice President, Chief Financial Officer, on August 11, 2026, sold 4,033 shares in PBF Energy (PBF) for $278,882. Following the Form 4 filing with the SEC, Marino has control over a total of 48,851 Class A common shares of the company, with 48,851 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526349412/xslF345X05/ownership.xml

$PBF
Insider Trading

PBF Energy Insider Sold Shares Worth $17,643,272, According to a Recent SEC Filing

Thomas J. Nimbley, Director, on August 11, 2026, sold 260,063 shares in PBF Energy (PBF) for $17,643,272. Following the Form 4 filing with the SEC, Nimbley has control over a total of 793,737 Class A common shares of the company, with 793,737 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526349417/xslF345X05/ownership.xml

$PBF
Commodities

Tight US Fuel Inventories Support Refiners Despite Mixed DOE Data, TPH Says

US refiners continue to benefit from tight fuel inventories, resilient demand and strong operating rates despite a slightly negative read from the latest US Department of Energy data, TPH Energy Research said in a Thursday note.The latest DOE data offered a slightly weaker signal for refiners, as distillate inventories showed no draw, contrary to expectations of a 2 million-barrel decline.Gasoline inventories fell 1 million barrels, broadly matching the 1.1 million-barrel consensus forecast, while refinery utilization came in at 96.2%, slightly above the 96.1% estimate.Despite mixed weekly data, distillate inventories reached a new five-year low, 11.5% below the five-year average, while gasoline stocks also hit a five-year low, 5.9% below the average.The tightest regional balances remain in Petroleum Administration for Defense Districts 1 and 5, which could benefit PBF Energy (PBF), Phillips 66 (PSX) and Valero Energy (VLO), TPH said.Fuel demand has held up despite higher prices, with gasoline demand down 0.5% over the year, while distillate and jet fuel demand increased 1.9% and 3.8%, respectively.US light-product demand has now grown over the year for four consecutive weeks after weaker readings in early July, according to the note.US refiners are maintaining high operating rates to benefit from strong margins, with quarter-to-date utilization 3.1 percentage points above the five-year average, up from 1.9 percentage points in Q2, TPH said.Price: $72.44, Change: $+2.10, Percent Change: +2.99%

$PBF$PSX$VLO
Insider Trading

PBF Energy Insider Sold Shares Worth $1,778,181, According to a Recent SEC Filing

James E. Fedena, Senior Vice President, on August 03, 2026, sold 24,756 shares in PBF Energy (PBF) for $1,778,181. Following the Form 4 filing with the SEC, Fedena has control over a total of 125,638 Class A common shares of the company, with 114,260 shares held directly and 11,378 controlled indirectly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526334498/xslF345X05/ownership.xmlPrice: $62.61, Change: $-3.29, Percent Change: -4.99%

$PBF
Insider Trading

PBF Energy Insider Sold Shares Worth $4,993,983, According to a Recent SEC Filing

Paul T Davis, Senior Vice President, on August 04, 2026, sold 75,997 shares in PBF Energy (PBF) for $4,993,983. Following the Form 4 filing with the SEC, Davis has control over a total of 183,426 Class A common shares of the company, with 183,426 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534504/000119312526334459/xslF345X05/ownership.xmlPrice: $62.74, Change: $-3.15, Percent Change: -4.78%

$PBF
Wire

UBS Adjusts Price Target on PBF Energy to $84 From $62, Maintains Buy Rating

PBF Energy (PBF) has an average rating of hold and mean price target of $63.85, according to analysts polled by FactSet.Price: $65.33, Change: $-2.54, Percent Change: -3.74%

$PBF
Equities

PBF Energy Q2 Adjusted Earnings, Revenue Rise

PBF Energy (PBF) reported Q2 adjusted earnings Thursday of $6.22 per diluted share, swinging from a loss of $1.03 a year earlier.Analysts surveyed by FactSet expected $4.15.Revenue for the quarter ended June 30 was $11.68 billion, up from $7.48 billion a year earlier.Analysts expected $9.61 billion.The company maintained its quarterly dividend at $0.275 per share, payable on Aug. 28 to shareholders of record on Aug. 14.

$PBF
Oil & Energy

Refining Stocks Slip as Crude Rally Pressures Sector Despite Strong Fuel Margins, TPH Says

Refining stocks gave back recent gains after crude oil jumped about $13 per barrel on renewed Middle East tensions, ahead of Q2 earnings this week, according to TPH Energy Research in a Monday note.Refining shares fell 1.1% last week, compared with a 0.6% decline for the S&P 500. Par Pacific (PARR) gained 1.5% to lead the group, while CVR Energy (CVI) dropped 4.8%, the steepest decline, according to TPH strategist Matthew Blair.Singapore gasoline and diesel cracks each climbed $11/bbl, supporting Par Pacific. In the US, gasoline cracks fell by $3 to $38/bbl, while diesel cracks rose $1 to $66/bbl, with both holding five-year highs.The US West Coast posted the only weekly regional improvement as stronger gasoline and diesel margins supported refining economics.Northwest Europe margins weakened as gasoline cracks fell $9/bbl and diesel cracks dropped $3/bbl after the dated Brent premium over front-month Brent widened.Crude price spreads also widened sharply. Brent's premium over Western Canadian Select at Hardisty increased $5 to $25/bbl, while the Brent-Alaska North Slope spread widened $4 to $13/bbl.The note also highlighted several market developments, including China's June 2026 crude imports falling to a near-decade low, Russia considering a longer gasoline and diesel export ban, low Rhine River water levels and HF Sinclair (DINO) suing the Environmental Protection Agency over delayed small refinery exemption decisions.Q2 earnings season starts this week with results from HF Sinclair, PBF Energy (PBF), Valero Energy (VLO) and CVR Energy (CVI).Price: $77.86, Change: $+0.47, Percent Change: +0.61%

$CVI$DINO$PARR$PBF$VLO
Commodities

Refining Stocks Rally as US-Iran Conflict Drives Fuel Cracks Higher, TPH Energy Says

Renewed US-Iran tensions pushed refining stocks up 13.1% last week as diesel and gasoline crack spreads climbed to fresh five-year highs, TPH Energy said in a Monday note.Refining shares outperformed the S&P 500's 1.6% decline after the US resumed its blockade and struck an Iranian supertanker, TPH Energy said. PBF Energy (PBF) gained 18.0%, while Phillips 66 (PSX) rose 9.8%.US diesel crack spreads jumped $12 to $65 per barrel, far above the five-year average of about $23/bbl, while gasoline cracks added $2 to $41/bbl, exceeding the $18/bbl five-year average, the note said.The West Coast posted the greatest improvement among US refining regions, while the Midwest lagged. Meanwhile, the 2026 6-3-2-1 refining futures curve advanced $3 to $21/bbl, its highest level this year, according to the note.Outside the US, diesel crack spreads climbed $12/bbl in Northwest Europe and $15/bbl in Singapore, extending both markets to fresh five-year highs, the report said.Among other developments, the note said Argus expects Group II base oil margins to improve in July as feedstock costs ease, while Iran said 200 ships have requested Strait of Hormuz permits since June.BP (BP) lifted its second-quarter refining margin to $29.60/bbl from $16.90 in the prior quarter, while US retail diesel prices topped $5 per gallon and the strategic petroleum reserve fell to its lowest level since 1983, according to the note.

$BP$PBF$PSX
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks were higher late Friday afternoon, with the NYSE Energy Sector Index rising 1.3% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.9%.The Philadelphia Oil Service Sector Index was up 0.1%, and the Dow Jones US Utilities Index was shedding 0.7%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4% to $82.12 a barrel, and the global benchmark Brent crude contract climbed 4.2% to $87.77 a barrel. Henry Hub natural gas futures rose 2% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, Chevron (CVX) subsidiary Chevron Exploration Services and Iraqi state-owned Basra Oil have signed an agreement to further their commercial negotiations regarding the West Qurna Phase 2 oil field, a company spokesperson toldin an emailed response Friday. Chevron shares rose 1.7%.ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 1.3%, and BP climbed 1.8%.PBF Energy (PBF) shares gained 3.3% after Evercore ISI started coverage of the firm with an in-line rating and $58 price target.Valero Energy (VLO) shares were rising 2.7%. The company said in a filing Thursday that its board has authorized the purchase of the company's common stock worth $5 billion, in addition to the amount remaining under its existing buyback program.

$BP$COP$CVX$PBF$VLO
Sectors

Sector Update: Energy Stocks Gain Friday Afternoon

Energy stocks were higher Friday afternoon, with the NYSE Energy Sector Index rising 1% and the State Street Energy Select Sector SPDR ETF (XLE) increasing 0.8%.The Philadelphia Oil Service Sector Index was up 0.3%, and the Dow Jones US Utilities Index was shedding 0.5%.Crude oil prices jumped amid Washington intensifying strikes against Iran. US Central Command said in a post on X that it completed the sixth consecutive wave of attacks against Iran, degrading the nation's military capabilities and holding it "accountable" for recent attacks on commercial shipping in the Strait of Hormuz. President Donald Trump has threatened to launch broad-based air strikes on Iranian infrastructure and has also declined to rule out a ground assault on Iran's coast or islands, Reuters reported.Front-month West Texas Intermediate crude oil jumped 4.2% to $82.23 a barrel, and the global benchmark Brent crude contract climbed 4.1% to $87.64 a barrel. Henry Hub natural gas futures rose 2.1% to $2.92 per 1 million BTU.In sector news, incoming UK Prime Minister Andy Burnham is preparing to announce support for new North Sea oil and gas drilling and plans to bring Thames Water under public control shortly after taking office, Bloomberg reported. Burnham, who is due to succeed Keir Starmer on Monday, has asked civil servants to prepare energy and water policy proposals that could be announced as early as next week, according to the report. Options under consideration include backing development of the Jackdaw gas and Rosebank oil fields and expanding drilling tied to existing North Sea projects.In corporate news, ConocoPhillips (COP) said Friday it has agreed to acquire a 42% stake in BP's (BP) BP Energy Co. of Kirkuk, which oversees the ongoing redevelopment of four large-scale, currently producing oil fields in northern Iraq's Kirkuk region. ConocoPhillips shares rose 0.8%, and BP climbed 1.3%.PBF Energy (PBF) shares rose 3% after Evercore ISI started coverage of the company with an in line rating and $58 price target.JERA, a Japan power generator, has begun a feasibility study for a potential US stock market listing as it explores ways to expand overseas and broaden its funding options, Reuters reported.

$BP$COP$PBF
Commodities

Carlos Slim's Grupo Carso to Buy TotalEnergies Stake in Gulf of Mexico Block

Carlos Slim's Grupo Carso has agreed to acquire France's TotalEnergies' (TTE) 30% stake in the EP Mexico Block 30 offshore field in the Gulf of Mexico, expanding the Mexican conglomerate's growing portfolio of oil and gas assets.The acquisition, announced in a securities filing on Thursday, will be carried out through a Grupo Carso subsidiary. UK-based Harbour Energy will retain its 70% interest in the block and continue as operator.The deal marks the latest step in 86-year-old billionaire Carlos Slim's strategy to build a larger presence in the segments of Mexico's energy sector open to private investment, even as state oil company Petroleos Mexicanos seeks private partners to reverse declining crude production and strengthen its finances.Slim said earlier this year that his companies would not pursue new joint ventures with Pemex, despite the state producer's efforts to attract outside investment, Bloomberg reported.Grupo Carso has steadily expanded its energy holdings over the past two years. In January, the company completed the acquisition of Fieldwood Energy's Mexican business from Russia's Lukoil, securing full ownership of two producing Gulf of Mexico fields.Last year, Carso also won a contract valued at about $2 billion from Pemex to drill over 30 wells in the Ixachi oil and gas field. Slim has said the project could nearly double crude production at Ixachi to around 200,000 barrels per day within three years.The group's acquisitions, including stakes in Talos Energy (TALO) and US-based refiner PBF Energy (PBF), have made Grupo Carso Pemex's largest private-sector partner.Slim said earlier this month that Mexico's oil and gas production could increase to as much as 2.5 million barrels per day with greater private-sector participation. Pemex produced 1.65 million barrels per day of crude oil and condensates as of the end of April.Price: $80.56, Change: $+1.74, Percent Change: +2.21%

$PBF$TALO$TTE
Research

Evercore ISI Initiates Coverage on PBF Energy With In Line Rating, $58 Price Target

PBF Energy (PBF) has an average rating of Hold and mean price target of $48.62, according to analysts polled by FactSet.

$PBF

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