Company Overview - PBF Energy Inc. is a leading independent refiner with a diversified asset base, operating six oil refineries and related logistics infrastructure, producing resources such as gasoline, diesel, jet fuel, heating oil, lubricants, petrochemicals, asphalt, and related petroleum products across the United States, Canada, and Mexico [5] - The company's revenue for the trailing twelve months (TTM) is $29.54 billion, with a net income of -$526.3 million, and a dividend yield of 3.31% [4] Recent Transactions - Control Empresarial de Capitales S.A. de C.V., a 10% owner of PBF Energy, sold 49,000 shares in two transactions on January 21 and 22, 2026, totaling approximately $1.63 million [1][2] - Post-transaction, the insider holds over 30.3 million shares, which is more than 60 times the amount sold, indicating that the sale accounted for only 0.16% of the insider's direct holdings [2][7] Company Challenges - PBF Energy faced a rough year in 2025, struggling to recover from an explosion at its Martinez, California refinery in February 2025, which has not operated at full capacity since then [6] - The company plans to spend around $600 million on maintenance and turnarounds at its locations, amidst high operating costs and a challenging refinery market, leading to expectations of a net loss for the second consecutive year [7][8] - The company has pushed back its target for the Martinez refinery to resume full operations from the end of 2025 to March 2026 [6]

Core Viewpoint - Trinidad and Tobago is negotiating with Indian Oil Corp to restart the Guaracara oil refinery, which has a capacity of 165,000 barrels per day, as part of efforts to revitalize the country's energy sector [1] Group 1: Company Developments - The Guaracara oil refinery has been mothballed, indicating a period of inactivity that the government aims to reverse through this partnership with Indian Oil Corp [1] - Energy Minister Roodal Moonilal is leading the discussions, highlighting the government's proactive approach to enhance oil production and refine capabilities [1] Group 2: Industry Context - The initiative to restart the refinery aligns with Trinidad and Tobago's broader strategy to revitalize its energy sector, which is crucial for the country's economic stability [1] - Collaborations with international oil companies like Indian Oil Corp may signal a trend towards increased foreign investment in the Caribbean energy market [1]

Core Viewpoint - Chinese state oil firm CNPC is planning to restart a unit at its refinery in Dalian after months of closure, aiming to capitalize on high margins from processing discounted Russian oil [1] Group 1: Company Actions - CNPC is set to resume operations at a refinery unit in Dalian, which had been closed for several months [1] - The decision to restart the unit is driven by the opportunity to process discounted Russian oil, which is expected to yield significant profit margins [1] Group 2: Market Context - The move reflects a broader trend in the industry where companies are seeking to maximize profits by leveraging lower-cost crude oil sources [1]

Economic Data Summary - Initial Jobless Claims increased to 209K, slightly above the estimated 205K, but down from the revised 210K the previous week, indicating a stable labor market with an average of 206K claims over the past six weeks [2] - Continuing Claims fell to 1.827 million, the lowest level in a year and a half, showing a significant decrease from the range of 1.9-1.974 million observed last year [3] - Q3 Productivity remained unchanged at +4.9%, marking the best quarter since Q3 2023, potentially linked to advancements in AI [3] - Unit Labor Costs stayed at -1.9%, the lowest since -2.9% in Q2 of the previous year, suggesting a favorable economic environment with higher productivity and lower labor costs [4] - The U.S. Trade Deficit for November dropped to -$56.8 billion from -$29.2 billion the previous month, significantly better than the all-time low of -$136.4 billion in March of last year [4] Company Earnings Reports - Mastercard (MA) reported earnings of $4.76, exceeding expectations by +13%, with a trailing four-quarter average beat of +3.1% [5] - Caterpillar (CAT) achieved earnings of $5.16 per share, a +10.5% surprise, with revenues of $19.13 billion, surpassing expectations by +6.6% [5] - Lockheed Martin (LMT) experienced its first negative earnings surprise since 2017, reporting $5.80 per share against expectations of $6.24, but shares rose due to a +9.1% increase in revenue [6] - Valero (VLO) delivered strong results with earnings of $3.82 per share and revenues of $30.37 billion, exceeding expectations by +18.62% and +8.24% respectively [6] Upcoming Earnings Reports - Apple (AAPL) is expected to report fiscal Q3 results with a projected earnings growth of +10.4% and revenue growth of +10.87%, having only one earnings miss in the past five years [7] - Visa (V) is anticipated to report a +14.18% increase in earnings and +12.5% in revenues, maintaining a strong track record with an average earnings beat of +2.7% over the last four quarters [8]

Core Viewpoint - Citgo Petroleum has purchased Venezuelan crude oil for the first time since 2019, marking a significant shift in U.S.-Venezuela oil relations following the capture of President Maduro by U.S. forces [1][3]. Group 1: Citgo's Operations and Recent Developments - Citgo, a refiner with a capacity of 830,000 barrels per day, is expected to be taken over by an affiliate of Elliott Investment Management to settle debts with Venezuela-linked creditors [2]. - The company has been blocked from accessing Venezuelan oil since 2019, after severing ties with PDVSA following Maduro's re-election, which the U.S. did not recognize [2][6]. - Citgo has recently acquired a cargo of approximately 500,000 barrels of Venezuelan heavy crude for February delivery from Trafigura [4]. Group 2: U.S. Government Actions and Market Implications - The deal is seen as a major milestone in U.S. efforts to normalize and potentially increase Venezuelan oil sales and revenue, which were previously controlled by the U.S. after Maduro's capture [5]. - Citgo had previously relied on other Latin American heavy grades and U.S. domestic crudes to compensate for the lack of Venezuelan oil [5]. - U.S. government officials expedited supply deals with trading houses like Vitol and Trafigura to address a significant accumulation of oil inventories caused by a U.S. naval blockade [7].

Defense Strategy - The Pentagon's 2026 National Defense Strategy emphasizes a primary focus on defending the U.S. homeland and deterring China in the Indo-Pacific region, indicating a more limited support role for allies in Europe and other regions [2][7] - The strategy characterizes Russia as a "persistent but manageable threat" and suggests that South Korea should take primary responsibility for deterring North Korea, with critical but limited U.S. assistance [2][7] Arms Embargo - Belgium has imposed a ban on the export and transit of military equipment to Israel, initiated by Foreign Minister Maxime Prevot, to prevent worsening humanitarian conditions in the West Bank and Gaza [3][7] - A Brussels Court has reinforced this ban by ordering the Flemish government to block military equipment containers and imposing a €50,000 fine for each violation, citing failures to uphold legal obligations under the Genocide Convention [3][7] Energy Sector - Hungary's MOL Group has reached an agreement to acquire a 56.15% stake in Serbian oil refiner NIS from Gazprom Neft, pending U.S. approval due to prior sanctions on NIS [4][7] - Serbia has increased its own stake in NIS by five percentage points, and discussions are ongoing with the Abu Dhabi National Oil Company (ADNOC) to join the deal as a minority shareholder [4][7] E-commerce Data Leak - U.S. Vice President JD Vance and South Korea's Prime Minister Kim Min-seok discussed the resolution of issues related to a mass data leak affecting over 33 million customers of U.S.-listed e-commerce company Coupang (CPNG) [6][7] - The report on the data leak was delayed for over 15 months, with assertions from Prime Minister Kim that there is no discriminatory treatment of U.S. corporations [6][7]

Core Viewpoint - Valero Energy Corporation has announced an increase in its quarterly cash dividend, reflecting the company's commitment to returning value to shareholders [1] Dividend Announcement - The Board of Directors has approved raising the quarterly cash dividend from $1.13 per share to $1.20 per share [1] - The new dividend will be payable on March 9, 2026, to shareholders of record as of February 5, 2026 [1] - This increase raises the annualized cash dividend rate to $4.80 per share [1]

Company Overview - Delek US Holdings, Inc. is a diversified downstream energy company with a significant presence in oil refining, logistics, and retail fuel distribution across the southern United States [9] - The company generates revenue through integrated operations spanning crude oil refining, logistics (pipelines, storage, terminals), and retail fuel and merchandise sales [10] - As of January 20, 2026, Delek US Holdings reported a revenue of $10.67 billion and a net income of -$453.50 million, with a dividend yield of 3.63% [5] Recent Developments - On January 21, 2026, Kawa Capital Management, Inc disclosed that it sold its entire position in Delek US Holdings, unloading 200,000 shares for an estimated $6.45 million based on quarterly average pricing [2][3] - The sale eliminated a position that previously accounted for 11.7% of Kawa Capital's assets under management (AUM) as of the prior quarter, resulting in a net position value decline of $6.45 million [3][4][7] - Following the sale, Delek US Holdings shares were priced at $26.68, reflecting a 45.47% increase over the past year, outperforming the S&P 500 by 28.34 percentage points [4]

Core Viewpoint - Reliance Industries Ltd is poised to receive sanctions-compliant Russian oil in February and March after a one-month hiatus, indicating a resumption of its oil procurement strategy amidst geopolitical tensions [1] Group 1: Company Operations - Reliance Industries operates the world's largest refining complex, highlighting its significant role in the global oil market [1] - The company is adapting to changing market conditions by sourcing Russian oil that complies with sanctions, reflecting its strategic flexibility [1] Group 2: Industry Context - The resumption of Russian oil imports by Reliance Industries may influence global oil supply dynamics, particularly in light of ongoing geopolitical developments [1] - The decision to resume imports after a pause suggests potential shifts in the oil market landscape, as companies navigate compliance with international sanctions [1]

Core Viewpoint - Chevron is planning to finalize a deal to sell its oil refining and distribution assets in Singapore in the first quarter of the year, currently in the final negotiation phase with Japanese refiner Eneos and another party [1] Group 1 - Chevron is engaging in discussions to divest its assets, indicating a strategic shift in its operational focus [1] - The potential sale reflects Chevron's ongoing efforts to streamline its operations and optimize its asset portfolio [1]