Industry Update

SRE news pushed small refiners up notably while pulling down renewable fuel names, but we don’t agree with all the impacts, providing opportunities for investors We think some of the price moves on Fri (8/21)…

Stronger diesel cracks and more clarity on SRE timeline push the group higher, CVI leads while PARR lags Refining equities posted another strong week, surging +4.3% (vs S&P -1.4%), fueled by rising diesel cracks and…

US shifts strategy on Iran, sending both refining cracks and refining equities soaring Refining equities surged an incredible +15.9% last week (vs S&P +0.4%) as the US pivoted strategy on Iran, switching to an economic…

Rebound back to growth in Jun as prices at the pump came down, expect VMT growth to continue in Jul as well Positive. US VMT rebounded +0.9% y/y in Jun’26, marking a nice improvement from…

PARR’s Singapore and Rockies exposure helps it lead the group on refining EBITDA per bbl in Q2, while MPC takes the crown among the large-caps on strong GC results and CVI lags due to product…