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Phillips 66 (PSX)
After hours:
- Reuters
Traders scramble for US storage as distillates demand disappoints
Traders are rushing to fill up storage tanks along the U.S. East Coast with distillate fuels, like diesel and heating oil, data from storage broker The Tank Tiger showed on Monday, a sign of deepening oversupply that is weighing on refiners' profits. Largely warmer-than-expected winter weather in U.S. Northeast and Europe has cut distillates demand and hit refiners' margins across the globe in recent months, a factor that drove softer first-quarter earnings by oil majors and top independent refiners. Struggling to find outlets for their excess distillates, traders are scrambling to park it in storage tanks in New York Harbor, The Tank Tiger Chief Operating Officer Steven Barsamian said.
- GuruFocus.com
Decoding Phillips 66 (PSX): A Strategic SWOT Insight
Insightful Analysis of Phillips 66's Strengths, Weaknesses, Opportunities, and Threats
- Simply Wall St.
Phillips 66's (NYSE:PSX) Stock Been Rising: Are Strong Financials Guiding The Market?
Phillips 66's (NYSE:PSX) stock up by 8.9% over the past three months. Given its impressive performance, we decided to...
