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Markets

Refining Stocks Stand Out in 2026 as Fuel Supply, Not Crude, Drives Margins

Valero, Marathon Petroleum and Phillips 66 have outpaced the integrated majors this year, with distillate inventories running roughly 12% below their five-year average.

ME

By Marcus Elrod

Sep 25, 2026 · 2 min read

U.S. refiners have been one of the standout equity groups of 2026, and the driver is a shortage of refined products rather than of crude oil itself.

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Marcus Elrod

Marcus tracks positioning, flows and rates. He writes CI's weekly market internals column.

Marcus Elrod writes for Corporate Insider Inc.

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