Group 1 - A fire occurred at Chevron's El Segundo refinery located in Los Angeles County [1] - The incident was reported by California Governor Gavin Newsom's press office [1]

Core Insights - U.S. oil refiner Phillips 66 plans to incur approximately $100 million in charges to idle its Los Angeles-area refinery, which has a capacity of 139,000 barrels per day, and will cease operations by the end of the year [1] Company Summary - Phillips 66 is taking steps to close its Los Angeles-area refinery, indicating a strategic shift in operations [1] - The decision to idle the refinery reflects broader trends in the oil refining industry, potentially influenced by market conditions and demand fluctuations [1]

Core Insights - PBF Energy Inc. has successfully closed the sale of terminal assets for $175 million, enhancing liquidity and monetizing non-core assets [1][2] - The sold assets include two refined product terminal facilities located in Philadelphia, PA, and Knoxville, TN, with a total storage capacity of approximately 1.9 million barrels [1] - Barclays acted as the exclusive financial advisor for this transaction [2] Financial Performance - The transaction is part of PBF Energy's strategy to continuously review its portfolio to maximize value for investors [2] - The company is expected to release its third-quarter earnings results on October 30, 2025 [6] Company Overview - PBF Energy Inc. is one of the largest independent refiners in North America, operating refineries and related facilities across several states [3] - The company aims to operate in a safe, reliable, and environmentally responsible manner while providing superior returns to investors [3] Joint Ventures - PBF Energy holds a 50% stake in the St. Bernard Renewables joint venture, which focuses on producing next-generation sustainable fuels [4]

Core Viewpoint - Phillips 66 (PSX) has been upgraded to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Rising earnings estimates for Phillips 66 indicate an improvement in the company's underlying business, likely leading to an increase in stock price [5][10]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7][9]. - Only the top 5% of Zacks-covered stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions [10]. Recent Earnings Estimate Revisions - For the fiscal year ending December 2025, Phillips 66 is expected to earn $5.34 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 24.3% over the past three months [8].

Two months after sanctions plunged Indian refiner Nayara Energy Ltd. into crisis, upending trade and forcing the abrupt exit of its European executives, the company’s operations and sales are recovering, thanks to government support and workarounds.The refiner — part-owned by Russia’s Rosneft PJSC and arguably the most high-profile Indian company to be hit by comprehensive sanctions — is now working with banks including State Bank of India to facilitate local currency payments, according to people familiar ...

Industry Focus - China's Shandong province independent refiners are at the forefront of Beijing's anti-involution campaign against cutthroat competition in the oil industry [1]

Oil Market - Oil prices have declined for five consecutive sessions, with Brent crude falling 0.63% to $66.15 per barrel and WTI down 0.58% to $61.92 per barrel, resulting in a total loss of approximately 4% over the past five sessions [2][3] - The primary driver of this decline is a preliminary agreement between Iraq's federal government and the Kurdish regional government to restart crude exports via Turkey, allowing for the flow of approximately 230,000 barrels per day, which had been suspended since March 2023 [3] Cryptocurrency Market - South Korean cryptocurrency exchange Bithumb has partnered with World Liberty Financial (WLFI), a DeFi project linked to the Trump family, to enhance DeFi expansion and bolster global investor confidence [4][5] - WLFI's governance token and stablecoin, USD1, have been listed on major Korean exchanges, although the WLFI token experienced volatility, plunging about 20% shortly after its listing [5] Raspberry Pi Holdings - Raspberry Pi Holdings plc reported a 61% increase in revenue to $144.0 million for the six months ended June 30, 2024, indicating a recovery from previous supply constraints [6][7] - Adjusted EBITDA rose by 55% to $20.9 million, with gross profit increasing by 47% to $34.2 million, while adjusted EPS grew by 27% to 5.84 cents [6][7] Phillips 66 - UBS has adjusted its price target for Phillips 66 from $173 to $150 while maintaining a "Buy" rating, following the company's acquisition of the remaining 50% stake in WRB Refining LP for $1.4 billion [9][10] - This acquisition is expected to enhance Phillips 66's refining capacity by approximately 250,000 barrels per day, with analysts anticipating higher profits from the newly acquired assets in 2026 compared to 2025 [10] UK Payment Regulation - The UK Financial Conduct Authority (FCA) has responded positively to a government plan aimed at streamlining payment systems regulation, which includes consolidating the responsibilities of the Payment Systems Regulator within the FCA [11][12] - This initiative is designed to reduce regulatory burdens and improve the FCA's ability to safeguard customer funds and intervene in underperforming firms [12]

Core Viewpoint - Exxon Mobil Corp has commenced production at new facilities within its Singapore oil refinery complex, focusing on the production of base stocks from residue fuel [1] Company Summary - Exxon Mobil Corp has initiated operations at its newly established facilities in Singapore [1] - The new facilities are designed to convert residue fuel into base stocks, which are essential for various industrial applications [1] Industry Summary - The production of base stocks from residue fuel indicates a strategic move within the oil refining industry to enhance product offerings and meet market demands [1] - This development may reflect broader trends in the industry towards optimizing refinery outputs and improving efficiency [1]

By Florence Tan and Anmol Choubey (Reuters) -Exxon Mobil Corp has started production at new facilities at its Singapore oil refinery complex to produce base stocks from residue fuel, it said on Tuesday, boosting the plant's intake of high-sulphur crude. The technology combines processes to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates, Exxon said in a statement. The new facilities expand its Group-II base stocks production capacity by 2 ...

Supply and Demand - Indian refiners plan to continue purchasing Russian crude oil [1] - Domestic fuel demand in India is increasing following the monsoon season [1] Geopolitics and Trade - India and the United States are resuming trade negotiations [1] - Both India and the United States are pushing for a trade deal [1]