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.
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133 stories mentioning PSXUpdated 12h ago
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- Raymond JamesTarget revisedOutperformPrice target$300from $240
- Morgan StanleyTarget revisedOverweightPrice target$284from $196
- BofATarget revisedPrice target$255from $213
- UBSTarget revisedBuyPrice target$300from $235
- Piper SandlerTarget revisedNeutralPrice target$264from $209
- Wells FargoTarget revisedOverweightPrice target$335from $239
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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
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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.
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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.
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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%
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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%
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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.Price: $193.85, Change: $+5.48, Percent Change: +2.91%
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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.
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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.
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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.
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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%
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Equities
Jefferies Adjusts Price Target on Phillips 66 to $207 From $191
Phillips 66 (PSX) has an average rating of overweight and mean price target of $197.88, according to analysts polled by FactSet.
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Asia Markets
Update: US Equity Indexes Decline, Crude Oil Jumps as Trump's Threats to Strike Iran Again Elevate Geopolitical Risk
(Updates with index/price moves, macroeconomic data, and political news from the first paragraph.)US equity indexes fell while volatility jumped with crude oil and government bond yields after President Donald Trump warned of more strikes on Iran after saying a peace deal signed in June "is over"The Dow Jones Industrial Average dropped 1.2% to 52,294.8, with the Nasdaq Composite down 0.2% to 25,760.5, and the S&P 500 lower by 0.5% to 7,469.1 after midday Wednesday.Energy was the standout gainer, with Valero Energy (VLO), Occidental Petroleum (OXY), and Phillips 66 (PSX) leading the S&P 500. Chevron (CVX) was the Dow's top gainer. On Nasdaq, the top spot went to Baker Hughes (BKR).The CBOE Volatility Index jumped 6% to 17 after Trump said, per a Bloomberg report, the US would probably launch further strikes on Iran and could resume a blockade on the country's ports.American forces launched strikes against more than 80 targets in Iran, including air defense systems, command-and-control networks, coastal radar installations and anti-ship missile capabilities, in response to recent attacks on commercial shipping in the Strait of Hormuz, according to a Deutsche Bank note on Wednesday. The strikes were accompanied by the US Treasury's decision to revoke a waiver that had allowed new Iranian oil sales, it said."We hit them very hard last night," Trump said Wednesday on the sidelines of a summit of the North Atlantic Treaty Organization leaders in Ankara, Turkey. "Probably hit them hard again tonight."The front-month global benchmark North Sea Brent soared 7% to $79.37 a barrel, and the US West Texas Intermediate surged 6.9% to $75.29 a barrel.After the burial ceremony of Iran's Supreme Leader Ayatollah Ali Khamenei - killed by an Israeli strike at the outset of the conflict - ends on July 9, both warring sides could adopt an even harder stance, driving a further uptick in geopolitical risk premiums, according to a note from Rystad Energy."Even if no sustained physical disruption materializes, uncertainty around vessel safety, insurance costs, potential delays, and the risk of further retaliation is likely to keep volatility elevated in the near term," the Rystad note said.US Treasury yields rose, reflecting market concern that higher crude oil prices, driven by a supply shock, will make it harder for the Federal Reserve to fight inflation. The two-year yield jumped 5.8 basis points to 4.22%, and the 10-year climbed 6.2 basis points to 4.59%.Inflation concerns also sent gold futures down 2.7% to $4,045.6 and silver futures lower by 5.5% to $57.98.In economic news, the minutes from the Fed's policy meeting on June 16-17 are due at 2 pm ET. Investors will parse the views on the direction of interest rates at a time when the market is pricing in hikes. The probability of a 25-basis-point increase in rates is the highest among all other policy outcomes in September, October, and December, the CME FedWatch tool showed Wednesday.Meanwhile, in company news, Apple (AAPL) said Wednesday that Broadcom (AVGO) will produce chips for use in the iPhone maker's products in a deal likely worth more than $30 billion.
Dow JonesNasdaq CompositeS&P 500$AAPL.AVGO$BKR$CVX$OXY$PSX$VLO
Japan
Update: US Equity Indexes Slide, Crude Oil Surges After Trump Threatens More Strikes on Iran
(Updates with index/price moves and political news from the first paragraph.)US equity indexes slumped while volatility surged with crude oil and government bond yields after President Donald Trump warned of more strikes on Iran after saying a peace deal signed in June "is over"The Dow Jones Industrial Average dropped 1.5% to 52,107.8, with the Nasdaq Composite down 1% to 25,572.5, and the S&P 500 lower by 1% to 7,434.1 after midday Wednesday.Energy was the standout gainer, with Valero Energy (VLO), Occidental Petroleum (OXY), and Phillips 66 (PSX) leading the S&P 500. Chevron (CVX) was the Dow's top gainer. On Nasdaq, the top spot went to Baker Hughes (BKR).The CBOE Volatility Index jumped 13% to 18.18 after Trump said, per a Bloomberg report, the US would probably launch further strikes on Iran and could resume a blockade on the country's ports."We hit them very hard last night," Trump said Wednesday on the sidelines of a summit of the North Atlantic Treaty Organization leaders in Ankara, Turkey. "Probably hit them hard again tonight."The front-month global benchmark North Sea Brent soared 7% to $79.37 a barrel, and the US West Texas Intermediate surged 6.9% to $75.29 a barrel.US Treasury yields rose, with the two-year yield jumping 5.8 basis points to $4.22% and the 10-year climbing 6.2 basis points to 4.59%.
Dow JonesNasdaq CompositeS&P 500$BKR$CVX$OXY$PSX$VLO
Wire
Barclays Adjusts Phillips 66 Price Target to $183 From $177
Phillips 66 (PSX) has an average rating of overweight and mean price target of $196.53, according to analysts polled by FactSet.Price: $186.73, Change: $+7.89, Percent Change: +4.41%
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Commodities
US Refiners Poised to Beat Q3 Estimates on Strong Product Margins, TPH Energy Says
TPH Energy Research expects US independent refiners to deliver stronger-than-expected Q3 earnings as gasoline and diesel margins remain robust, it said in a Tuesday note.TPH raised its average Q3 earnings per share estimate for the sector to $5.83 from $4.97, above the consensus forecast of $5.22 per share.TPH still expects earnings to remain below its Q2 estimate of $6.18 and the Street's $5.74.TPH said refining margins have started the third quarter strongly, supported by an unusual seasonal increase in US gasoline margins.TPH said its US gasoline margin indicator increased to $35 per barrel in Q3 from $28 per barrel in Q2, after adjusting for Renewable Volume Obligation costs and measuring against Brent crude.US gasoline inventories have fallen to five-year lows and stand 6% below the five-year average, while gasoline yields have remained about 3 percentage points below normal over the past two weeks as refiners favored diesel production, the brokerage said.Diesel margins also improved, with TPH's US futures indicator increasing to $49/bbl in Q3 from $48/bbl in Q2 despite the US-Iran peace agreement.Low inventories, Russian refinery outages and a steeper global cost curve continued supporting diesel markets.TPH said crude differentials have narrowed against Brent for several grades, including WTI-Cushing, Syncrude, Western Canadian Select at Hardisty, Western Canadian Select at Houston and Alaska North Slope, creating a modest headwind for refiners.Company-specific indicators also strengthened early in the quarter, with Valero Energy (VLO) up $7.86/bbl from the prior quarter, Phillips 66 (PSX) up $5.71/bbl and Marathon Petroleum (MPC) up $4.08/bbl, according to TPH.The firm said lower crude backwardation, wider octane spreads and cheaper tanker rates should improve capture rates. Backwardation indicates strong near-term demand or constrained spot supply, with futures prices trading below spot prices.However, weaker jet fuel margins relative to diesel, flat crude prices and a roughly $2/bbl increase in Renewable Volume Obligation costs will offset some of those gains.TPH expects Midwest ethanol margins to improve by about 3 cents per gallon from the Q2 on stronger co-product returns, while retail operations recover. Renewable diesel and polyethylene margins are expected to weaken.Analysts forecast the largest earnings upside versus consensus for Valero Energy, HF Sinclair (DINO) and Par Pacific Holdings (PARR), while maintaining estimates below consensus for PBF Energy (PBF) and CVR Energy (CVI).TPH expects refiners to increase shareholder distributions in Q3 after limiting returns in Q2 because of market volatility.The firm forecasts an average total capital return yield of 9% in Q3, up from 5% in Q2, led by Marathon Petroleum, Valero Energy, Par Pacific Holdings, HF Sinclair and Delek US Holdings (DK).
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Oil & Energy
Gulf Supply Shock Redraws Global Crude Trade as Canada, Asia Adjust, Wood Mackenzie Says
Effective closure of the Strait of Hormuz resulted in forced shut-ins of about 11 million barrels per day of production at the peak of the conflict, forcing major importers to redraw supply chains, Wood Mackenzie said in note on a Thursday.The shut-ins and force majeure reshaped global crude and fuel markets, the research firm said, citing satellite-based production monitor estimated. Iraq's output dropped from 4.5 mmbbl/d to 820,000 b/d, while Kuwait lost more than 70% of production.The two countries were the worst hit by the closure of the crucial waterways for the lack of any alternate route to export oil and gas, according to multiple reports.WoodMac's satellite data showed producers first drained storage before output declined. Iran's Kharg Island had about nine days of usable storage on May 1, while Kuwait and Iraq continued loading cargoes before inventories climbed, Wood Mackenzie said.Western Canada quickly filled part of the supply gap as the Trans Mountain Expansion pipeline moved a record 832,000 b/d in April at 93.5% utilization. Westridge terminal loaded 500,000 b/d, with 87% heading to Asia-Pacific.South Korea committed to import 33 million barrels of Canadian crude in May under the Canada-Korea Free Trade Agreement, sharply higher than about 4.5 mmbbls during all of 2025, the note said.Wood Mackenzie expects Canadian oil sands production to reach 3.61 mmbbl/d in 2026 and 3.82 mmbbl/d in 2027. Planned pipeline expansions could add 90,000 b/d in 2027, 150,000 b/d in 2028 and 250,000 b/d in 2029, according to the note.California entered the disruption with refinery closures already removing about 167,000 b/d of gasoline production. State-wide output totaled 682,000 b/d against demand of 857,000 b/d, creating a 175,000-barrel deficit, Wood Mackenzie said.Regional demand from Las Vegas and Reno in Nevada, and Phoenix and Tucson in Arizona lifted California's effective gasoline shortfall to about 329,000 b/d. Higher imports kept supplies flowing as freight from Asia climbed to about $14 per barrel.Three pipeline projects, backed by HF Sinclair (DINO), ONEOK (OKE), Phillips 66 (PSX), and Kinder Morgan (KMI) are competing to reduce California's fuel transport costs, but Wood Mackenzie said each must compete with shipping costs that could ease toward $5 per barrel after the Strait of Hormuz reopens.California consumes 857,000 b/d of gasoline, while Japan uses 720,000 b/d despite having 123 million people and 78.7 million registered vehicles. Both markets now compete for supplies from South Korea, China, India and Washington State, the note said.Europe entered the crisis with about 1.8 mmbbl/d of refinery maintenance already offline. Refineries increased utilization and maximized jet fuel output, but inventories still lagged seasonal norms, Wood Mackenzie said.Wood Mackenzie said weaker Indian gas oil exports, down 42%, alongside Russian refinery outages near 1.8 million b/d, could complicate Europe's winter diesel and jet fuel stock rebuild if disruptions persist beyond August.Asia-Pacific crude imports dropped 23% from pre-conflict levels in April. China's Middle East arrivals fell 77%, Japan's imports declined 76%, Korean refinery utilization dropped from 94% to 72%, while China's and India's gas oil exports fell 73% and 42%, respectively.Japan holds about 200 days of strategic petroleum reserve coverage, while India's commercial and government reserves cover roughly 74 days.Australia also pursued regional energy supply agreements with Singapore, Malaysia and Indonesia, Wood Mackenzie said.The US extended its Jones Act waiver through Aug. 16, allowing nearly 4 mmbbls of refined products to reach California. Meanwhile, Venezuela resumed shipping 550,000 b/d to Houston and Pascagoula, while Cushing inventories fell to 21-week lows.Wood Mackenzie said production cuts, inventory movements and freight costs revealed supply tightness before prices reflected the full impact. The report said physical market data consistently moved ahead of headline announcements across regions.
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Commodities
US Refining Margins Weakened in June, Q2 Trends Remained Strong, TPH Says
US refining indicators declined across the major refiners in June as weaker gasoline and diesel margins and narrower crude differentials weighed on profitability, although second-quarter performance remained well above the prior quarter, TPH Energy Research analyst Matthew Blair said in a Thursday note.Among the large-cap refiners, Phillips 66 (PSX) posted the greatest quarterly improvement. Its refining indicator slipped to $26.23 per barrel in June from $29.45 in May, but still finished the second quarter up $17.22/bbl from the first quarter. The company benefited from a sharp decline in crude prices late in the month, which supported its Central Corridor operations, while Gulf Coast margins were aided by a lag in refined product pricing. West Coast performance also exceeded expectations.Valero Energy's (VLO) refining indicator fell to $27.58/bbl in June from $33.70 in May as refining economics weakened across all regions, particularly on the West Coast. Despite the monthly decline, the indicator increased by $12.23/bbl quarter over quarter. The company also saw stronger economics for ethanol and renewable diesel during the quarter, supported by lower corn and feedstock costs and stronger renewable fuel credits.Marathon Petroleum's (MPC) refining and marketing indicator dropped to $27.50/bbl in June from $35.88 in May, with the sharpest deterioration in the Mid-Continent region, followed by the West Coast and Gulf Coast. Wider sweet crude differentials and improved market structure partially offset the weakness.Even so, Marathon's indicator finished the second quarter up $14.21/bbl from the first quarter.Overall, June marked a pullback from May's stronger refining environment, but second-quarter indicators remained significantly higher than first-quarter levels across the sector.Price: $177.09, Change: $+2.59, Percent Change: +1.48%
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Commodities
US Retail Fuel Margins Drop 5 Cents in Q2 Despite June Rebound, TPH Energy Says
TPH Energy's US retail fuel margin indicator fell 5 cents per gallon over the quarter to 39 cents/gal in Q2 2026, the weakest level in four years, the firm said in a Wednesday note.The indicator recovered to 47 cents/gal in June from 29 cents/gal in May as crude prices eased. However, the quarterly average remained lower because pump prices failed to keep pace with higher crude costs and refining margins, TPH said.Retail gasoline prices increased $1.04/gal over the quarter, while crude costs rose 49 cents/gal and refining margins expanded 69 cents/gal, pressuring overall retail margins, the firm said.Regional trends diverged during the quarter, with TPH's PADD 4 and PADD 5 indicators rising 13 cents/gal and 9 cents/gal, respectively. However, PADD 3 margins fell 6 cents/gal, while PADD 1 and PADD 2 declined 12 cents/gal and 13 cents/gal, the firm said.TPH said Par Pacific Holdings (PARR) has the greatest exposure to retail margin trends in its coverage because of its PADD 5 operations, including fuel stations in Hawaii and Washington, where stronger regional margins could provide support.The firm added that retail margin trends can also influence wholesale operations at refiners, including Phillips 66 (PSX) and HF Sinclair (DINO).Price: $57.47, Change: $+1.39, Percent Change: +2.48%
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