Cotton price action is up 36 to 51 points so far on Thursday. Futures posted Wednesday losses of 27 to 61 points at the close. Crude oil futures are back down $1.15 per barrel to $59.59 on the day, with the US dollar index $0.606 higher to $100.055. August cotton exports (excluding linters) totaled 642,851 bales, which was a 10-yar low for the month, and down 31.39% from July. More News from Barchart Managed money was adding 2,736 contracts to their net short position as of September 30 according to del ...

Core Viewpoint - Philip 66 reported strong quarterly earnings of $2.50 per share, exceeding market expectations of $2.17, driven primarily by improved refining margins and operational efficiency [1][2]. Financial Performance - Earnings per share for the quarter were $2.50, significantly higher than the anticipated $2.17 [1]. - The company achieved a net operating cash flow of $1.2 billion during the quarter [1]. Operational Efficiency - Philip 66 operated at 99% capacity utilization in refining, indicating high operational efficiency [1]. - The realized margin increased to $12.15 per barrel, up from $8.31 a year earlier, reflecting both cost reductions and improved refining performance [4]. - The company has successfully reduced costs by $1 per barrel over the past few years while enhancing crude oil processing yields [4][6]. Market Dynamics - There is an abundance of crude oil globally, but refining capacity is tightening due to increasing demand, which is favorable for refiners [7]. - The company benefits from lower crude oil prices, which help reduce input costs [8]. Strategic Focus - Philip 66 is focusing on its mid-continent operations, enhancing its position in that region while reducing operations in California due to higher costs and regulatory challenges [12][13]. - The company is exploring a new pipeline with Kinder Morgan to improve the delivery of refined products to California, indicating a commitment to maintaining a market presence despite operational challenges [14]. Future Outlook - The company anticipates stable oil prices over the next 12 months, influenced by OPEC actions and market volatility [8]. - Philip 66 continues to focus on efficient processing and maintaining a strong market presence, particularly in the mid-continent region [16].