On June 3, Marathon Petroleum rose 3.39% in regular trading, trading at $271.94/share, with trading volume of $211 million. The stock advanced alongside broader strength in the refining sector as Middle East conflict escalation continued to drive oil prices and refining margins higher.
Oil prices rose for a third consecutive day, with Brent crude approaching $97/barrel and WTI hovering near $95, gaining over 7% in the first two trading days of the week. The rally was fueled by stalled US-Iran peace negotiations and renewed regional conflict, including Israeli strikes on Lebanon and Iranian missile launches toward Kuwait and Bahrain. The Strait of Hormuz shipping disruption remains unresolved, with US gasoline prices reaching approximately $3.54/gallon, the highest since mid-2024.
Goldman Sachs warned that refining margins will remain at 2-3 times the 2013-2019 average throughout the year, with US diesel margins projected to reach $50/barrel and gasoline margins $22/barrel by Q4. The bank cited approximately 2.5 million barrels/day of war-related refining capacity offline and a 4 million barrels/day year-over-year decline in global refined product exports. Within the Oil and Gas Refining and Marketing sector, Valero rose 2.6%, Phillips 66 gained 2.53%, and Calumet Specialty Products rose 5.03%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments