PBF Energy and Marathon Petroleum lead gains as refining margins widen due to geopolitical supply constraints.
Shares of US refiners have surged this year, with PBF Energy rising 156.5% year-to-date as of Thursday’s close. The rally is driven by war-related supply disruptions that have sharply boosted refining margins.
Refining stocks have outperformed broader energy sector gains, reflecting tight product markets and strong demand. Marathon Petroleum and other refiners have also seen significant double-digit percentage increases, outpacing crude oil price movements.
The sector’s strength contrasts with earlier volatility, as geopolitical tensions continue to reshape global supply chains and pricing dynamics.