Phillips 66’s stock performance
Previously, we reviewed expectations for Phillips 66’s (PSX) refining margin in the fourth quarter. During that quarter, its stock fell, as did the SPDR S&P 500 ETF (SPY). The USGC (US Gulf Coast) WTI 3-2-1 crack, a vital indicator for Phillips 66, contracted.
Since October 1, Phillips 66 has fallen 16.8%, the USGC WTI 3-2-1 crack has narrowed 33.0% to $12.90 per barrel, and SPY has fallen 8.7%. The indicators may have impacted Phillips 66 stock, whereas the company’s better-than-expected earnings announcement in October may have supported the stock.