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Commodities

Market Chatter: Shell, Phillips 66 Consider Divesting Explorer Pipeline Interests

Shell (SHEL) and Phillips 66 (PSX) are considering selling their majority stake in the company that owns the Explorer refined products pipeline, in a deal that could value the asset at about $3.5 billion, Reuters reported Wednesday, citing people familiar with the matter.Interest is initially focused on Shell's and Phillips 66's holdings, although Energy Transfer (ET) and MPLX (MPLX) could also decide to sell if bidders seek full ownership of the Explorer pipeline, Reuters reported. Greenhill, a Mizuho affiliate, and RBC Capital Markets are advising on the process.Explorer carries gasoline, jet fuel and other refined products from Texas into the Midwest, with terminals reaching the Chicago area. Shell and Phillips 66 control about 61% of the entity that owns the system, while the sources said discussions could still end without a transaction.Shell and Phillips 66 declined to comment, while Explorer did not immediately reply to' request for comment.

$ET$MPLX$PSX$SHEL
Equities

Update: Market Chatter: Shell, Phillips 66 Weighing Sale of Explorer Pipeline Stakes

(Updates to add companies declined to comment in fourth paragraph)Shell (SHEL) and Phillips 66 (PSX) are exploring a sale of their combined stakes in the Explorer refined products pipeline, in a deal that could value the asset at around $3.5 billion, Reuters reported Wednesday, citing people familiar with the matter.Shell and Phillips 66 together hold about 61% of the entity that owns the pipeline, with Energy Transfer (ET) and MPLX (MPLX) owning the rest, Reuters reported.Energy Transfer and MPLX could join the sale process if buyer interest is strong enough to pursue the full pipeline, the report said, adding that there is no guarantee a deal will be reached.Shell and Phillips 66 declined 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.)

$ET$MPLX$PSX$SHEL
Sectors

Sector Update: Energy Stocks Gain Late Afternoon

Energy stocks rose late Wednesday afternoon, with the NYSE Energy Sector Index gaining 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.8%.The Philadelphia Oil Service Sector Index fell 0.8%, and the Dow Jones US Utilities Index shed 1.3%.In geopolitical news, President Donald Trump said Iran will be hit hard, according to Fox News. The US Central Command said it joined Saudi Arabian Armed Forces to conduct strikes in Iraq against Iran-aligned terrorists that the Islamic Revolutionary Guard Corps directed to attack US forces and Saudi energy infrastructure.West Texas Intermediate crude oil jumped 6.3% to $84.28 a barrel, and global benchmark Brent surged 7.4% to $90.32 a barrel. Henry Hub natural gas futures rose 2.4% to $2.73 per 1 million BTU.In corporate news, Shell (SHEL) and Phillips 66 (PSX) are exploring a sale of their combined stakes in the Explorer refined products pipeline in a deal that may value the asset at $3.5 billion, Reuters reported. Shell shares rose 2.5%, and Phillips 66 added 0.2%.Baker Hughes (BKR) shares were up 1.6% after the company said it secured a major order for 76 NovaLT 16 gas turbines from Dynamis Power Solutions.Woodside Energy (WDS) shares rose 4.9% after it reported higher Q2 operating revenue.Carlyle (CG), Energean, Dragon Oil, and Artemis Energy are among the companies that are anticipated to bid for BP's (BP) West Nile Delta natural gas development off Egypt this week, Reuters reported. BP shares were up 4.2%.

$BKR$BP$PSX$SHEL$WDS
Wire

Sector Update: Energy

Energy stocks rose late Wednesday afternoon with the NYSE Energy Sector Index gaining 2.3% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1.8%.The Philadelphia Oil Service Sector Index fell 0.8%, and the Dow Jones US Utilities Index shed 1.3%.West Texas Intermediate crude oil jumped 6.3% to $84.28 a barrel, and global benchmark Brent surged 7.4% to $90.32 a barrel. Henry Hub natural gas futures rose 2.4% to $2.73 per 1 million BTU.In corporate news, Shell (SHEL) and Phillips 66 (PSX) are exploring a sale of their combined stakes in the Explorer refined products pipeline in a deal that may value the asset at $3.5 billion, Reuters reported. Shell shares rose 2.4%, and Phillips 66 added 0.6%.

$PSX$SHEL
Wire

Market Chatter: Shell, Phillips 66 Weighing Sale of Explorer Pipeline Stakes

Shell (SHEL) and Phillips 66 (PSX) are exploring a sale of their combined stakes in the Explorer refined products pipeline, in a deal that could value the asset at around $3.5 billion, Reuters reported Wednesday, citing people familiar with the matter.Shell and Phillips 66 together hold about 61% of the entity that owns the pipeline, with Energy Transfer (ET) and MPLX (MPLX) owning the rest, Reuters reported.Energy Transfer and MPLX could join the sale process if buyer interest is strong enough to pursue the full pipeline, the report said, adding that there is no guarantee a deal will be reached.Shell and Phillips 66 did not immediately respond to requests 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: $88.44, Change: $+2.24, Percent Change: +2.60%

$ET$MPLX$PSX$SHEL
Equities

UBS Adjusts Price Target on Phillips 66 to $235 From $212, Maintains Buy Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $206.72, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $206.74, Change: $-0.03, Percent Change: -0.02%

$PSX
Insider Trading

Update: Correction: Phillips 66 Insider Sold Shares Worth $743,523, According to a Recent SEC Filing

(Corrects total price of shares sold in first paragraph after a misprint in an SEC filing from Phillips 66.)Vanessa Allen Sutherland, Executive Vice President, General Counsel and Secretary, on July 21, 2026, sold 3,523 shares in Phillips 66 (PSX) for $743,523. Following the Form 4 filing with the SEC, Sutherland has control over a total of 27,537 common shares of the company, with 27,537 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534701/000177260326000012/xslF345X06/wk-form4a_1784679684.xmlPrice: $215.61, Change: $+3.36, Percent Change: +1.58%

$PSX
Insider Trading

Correction: Phillips 66 Insider Sold Shares Worth $743,523, According to a Recent SEC Filing

(Corrects total price of shares sold in first paragraph after a misprint in an SEC filling from Phillips 66.)Vanessa Allen Sutherland, Executive Vice President, General Counsel and Secretary, on July 21, 2026, sold 3,523 shares in Phillips 66 (PSX) for $743,523. Following the Form 4 filing with the SEC, Sutherland has control over a total of 27,537 common shares of the company, with 27,537 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534701/000177260326000012/xslF345X06/wk-form4a_1784679684.xmlPrice: $215.61, Change: $+3.36, Percent Change: +1.58%

$PSX
Equities

Goldman Sachs Adjusts Price Target on Phillips 66 to $235 From $207, Maintains Neutral Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $206.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PSX
Insider Trading

Phillips 66 Insider Sold Shares Worth $7,435,346,884, According to a Recent SEC Filing

Vanessa Allen Sutherland, Executive Vice President, General Counsel and Secretary, on July 20, 2026, sold 4,086 shares in Phillips 66 (PSX) for $7,435,346,884. Following the Form 4 filing with the SEC, Sutherland has control over a total of 27,537 common shares of the company, with 27,537 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1534701/000153470126000026/xslF345X05/wk-form4_1784672731.xml

$PSX
Equities

TD Cowen Adjusts Phillips 66 Price Target to $240 From $220, Maintains Buy Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $202.65, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PSX
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
Commodities

Refining Boom Returns as Geopolitical Tensions Push Fuel Profits to Multi-Year Highs, TPH Says

US refiners are on track to report one of their strongest quarters in years as geopolitical disruptions drove fuel margins sharply higher, TPH Energy Research analyst Matthew Blair said in a note on Wednesday.Average Q2 2026 earnings per share are projected at $6.53, above the consensus estimate of $6.20 and up from $0.59 in Q1.Blair said the quarter is shaping up to be the industry's most profitable since market disruptions following Russia's invasion of Ukraine in 2022.Global refining runs fell to an estimated 78 million barrels per day in Q2 from 83 million b/d in Q1, reflecting the closure of the Strait of Hormuz and increased Ukrainian drone attacks on Russian refineries.Tighter supply pushed US gasoline crack spreads to an average of $25/bbl in the quarter, up from $9/bbl in Q1 and $16/bbl a year earlier.Diesel crack spreads climbed to $45/bbl from $30/bbl in the previous quarter and $17/bbl a year earlier. Margins improved across most US refining regions, with the Southwest and Gulf Coast posting the largest gains over the year. Jet fuel and naphtha margins also strengthened.In Asia, Singapore gasoline and diesel crack spreads rose to $33/bbl and $69/bbl, respectively, from $16/bbl and $41/bbl in Q1. Singapore diesel margins reached five-year highs during much of the quarter.Higher fuel margins were partly offset by tighter crude price differentials, steeper backwardation and higher tanker rates. Backwardation indicates strong near-term demand or tight spot supply, with futures prices trading below spot prices.Marathon Petroleum (MPC), PBF Energy (PBF) and Phillips 66 (PSX) are expected to post the largest earnings beats versus consensus, while CVR Energy (CVI) and Delek US Holdings (DK) may underperform expectations.The third quarter has also started strongly, with gasoline and diesel margins rising further amid renewed US-Iran tensions and continued constraints on shipping through the Strait of Hormuz.Blair forecasts average third-quarter earnings per share of $5.91, roughly in line with the consensus estimate of $5.94.Price: $296.79, Change: $-6.61, Percent Change: -2.18%

$CVI$DINO$DK$MPC$PARR$PBF$PSX$VLO
Oil & Energy

Refiners Start Q3 Strong with Better Fuel Margins, Tight Inventories, TPH Says

US refiners have begun the third quarter on a strong footing, with refining margins improving across most companies as low fuel inventories and renewed tensions between the US and Iran support market conditions, TPH Energy Research analyst Matthew Blair said in a Tuesday note.Blair said company-specific refining indicators are off to a "fantastic start" about halfway through the first month of the quarter, with most refiners benefiting from stronger product cracks and favorable crude market dynamics.Among the large-cap refiners, Valero Energy (VLO) is showing the biggest improvement over the quarter, with TPH estimating refining margins have increased by about $9.15 per barrel.Blair attributed the gains to the company's significant exposure to the North Atlantic and US Gulf Coast, where refining economics have strengthened the most since the Q2.Valero is also benefiting from wider Gulf Coast crude differentials, including ASCI and Maya grades.Phillips 66 (PSX) is estimated to be up about $6.70/bbl over the quarter, supported by similar regional exposure. However, Blair said the company's performance has been somewhat constrained by higher crude prices and weaker Gulf Coast product trends.Marathon Petroleum (MPC) is estimated to have improved by roughly $5.95/bbl from the prior quarter. While product margins in the Chicago region have not strengthened as much as elsewhere, Blair said that has been partially offset by a more favorable structure in the WTI crude market.Among small- and mid-cap refiners, Delek US Holdings (DK) stands out as the strongest performer, with TPH estimating a quarter-over-quarter improvement of about $13.60/bbl.Blair cited the company's Gulf Coast product exposure, wider Midland crude differentials and improved WTI market structure as key drivers.CVR Energy (CVI) is also seeing a substantial improvement, with estimated margins up about $9.85/bbl before accounting for renewable volume obligation costs, or about $7.34/bbl after those costs.HF Sinclair (DINO) is estimated to be up about $2.80/bbl, benefiting from stronger Group 3 gasoline cracks, although Blair noted that the company's exposure to the Rockies and Southwest has moderated from exceptionally strong Q2 levels.Par Pacific Holdings (PARR) is the only refiner in TPH's coverage expected to post a quarter-over-quarter decline, with estimated margins down about $2/bbl.Blair attributed the weakness primarily to Singapore refining margins retreating from record Q2 levels, along with TPH's expectation of more challenging Hawaiian crude differentials during Q3.Price: $297.50, Change: $+1.71, Percent Change: +0.58%

$CVI$DINO$DK$MPC$PARR$PSX$VLO
Japan

US Equity Markets End Lower After Trump Proposes Blockade of Iranian Ships, Toll on Strait of Hormuz

US equity indexes closed lower Monday after President Donald Trump suggested a plan to reinstate a blockade on Iranian ships and charge a toll for providing security to cargo vessels crossing the Strait of Hormuz, sending crude oil prices higher.* "We are reinstating the IRANIAN BLOCKADE," Trump said in a Truth Social post on Monday, following a weekend of attacks on Iran. He added that the US will protect vessels crossing the Strait and charge 20% of the cargo's cost as expense reimbursement.* August West Texas Intermediate crude oil rose $6.23 to settle at $77.64 per barrel, while September Brent crude, the global benchmark, was last seen up $6.90 at $82.91.* Valero Energy (VLO) stock was up 5.4%, and Phillips 66 (PSX) was 5.3% higher, among the top gainers on the S&P 500, after crude oil prices rose following clashes between the US and Iran.* Alphabet's (GOOG, GOOGL) Google is one of the biggest buyers of Nvidia's (NVDA) AI server chips, but it has also been expanding its in-house AI chip business in a move that could challenge Nvidia's dominance, The Information reported. Alphabet shares were down 1.3%, and Nvidia fell 3.5%, the worst performer on the Dow.

Dow JonesNasdaq CompositeS&P 500$GOOG$GOOGL$NVDA$PSX$VLO
Equities

Citigroup Adjusts Price Target on Phillips 66 to $204 From $183, Maintains Neutral Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $199.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)Price: $193.85, Change: $+5.48, Percent Change: +2.91%

$PSX
Equities

BMO Capital Adjusts Price Target on Phillips 66 to $220 From $215, Maintains Outperform Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $199.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PSX
Equities

Evercore ISI Adjusts Price Target on Phillips 66 to $200 From $195, Maintains Outperform Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $199.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PSX
Equities

Raymond James Adjusts Price Target on Phillips 66 to $235 From $218, Maintains Outperform Rating

Phillips 66 (PSX) has an average rating of overweight and mean price target of $199.47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://finwires.com/en/contact)

$PSX
Commodities

Investors Favor Mid-Cap Refiners as Sector Fundamentals Strengthen, TPH Energy Says

Refining investors remain optimistic as stronger fuel margins, supportive market fundamentals and geopolitical developments continue to strengthen the sector, TPH Energy said in a Friday note.TPH Energy said investors showed the most interest in mid-cap refiners Delek US Holdings (DK), HF Sinclair (DINO) and Par Pacific Holdings (PARR), while Phillips 66 (PSX) and Valero Energy (VLO) attracted the most attention among large-cap companies.Investors focused on the breakdown of the US-Iran memorandum of understanding, which boosted gasoline and diesel refining margins, while also watching Ukrainian drone strikes on Russian refineries, a recovery in Chinese refining activity and low fuel inventories, TPH Energy said.Market participants also examined regional refining trends, including weaker Midwest gasoline margins compared with the Gulf Coast during the summer, along with Western Canadian Select takeaway constraints, the note added.Investors also highlighted potential benefits from Small Refinery Exemptions for Delek US Holdings, Par Pacific Holdings and HF Sinclair, the note said.TPH Energy also expects Marathon Petroleum (MPC), Valero Energy, HF Sinclair, Delek US Holdings and Par Pacific Holdings to generate enough cash in the first half to support significant shareholder returns in the second half of 2026.Price: $55.66, Change: $-0.43, Percent Change: -0.77%

$DINO$DK$MPC$PARR$PSX$VLO

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