Phillips 66’s stock performance
In this part, we’ll discuss Phillips 66’s (PSX) stock performance since January 2—the beginning of the first quarter. Phillips 66 stock has risen during the stated period. Since January 2, the SPDR S&P 500 ETF (SPY), the broader market indicator, and the US Gulf Coast WTI 3-2-1, the benchmark crack, have risen.
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The USGC WTI 3-2-1 crack is a vital indicator for Phillips 66, which has significant refining capacities in the US Gulf Coast. The USGC WTI 3-2-1 has risen 60% since January 2 to the current level of $19.3 per barrel. Most of the increase was in March.
The broader market has increased since January 2. SPY has risen 15.3% since January 2. Markets are being supported by better earnings, no expectation of interest rate hikes, and faith that the US-China trade talks will yield positive results. So, the crack and markets seem to have impacted Phillips 66 stock.
Phillips 66 posted better-than-expected fourth-quarter earnings in February. The company’s earnings rose year-over-year, which briefly supported Phillips 66 stock. Overall, Phillips 66 has risen 11.0% since January 2.