Marathon Petroleum, Valero, and HF Sinclair surged over 80% this year as refining spreads hit $59 per barrel amid global fuel shortages.
Marathon Petroleum (MPC), Valero (VLO), and HF Sinclair (DINO) have each gained over 80% in 2026, significantly outperforming the S&P 500’s 11% rise. The rally is driven by surging refining margins, not crude oil prices, as the WTI 3-2-1 crack spread reached $59 per barrel, nearly triple its January level.
The 3-2-1 crack spread, a key profitability metric for refiners, reflects the margin from converting three barrels of crude into two barrels of gasoline and one barrel of distillate. Global refining shortages and geopolitical disruptions have kept fuel prices elevated, widening margins despite lower crude costs.
While Wall Street focused on artificial intelligence and tech stocks, energy refiners emerged as some of 2026’s top performers. Phillips 66 (PSX) also climbed over 54%, highlighting the sector’s strength amid shifting market dynamics.