Hello and welcome to Asking for a Trend. I'm Josh Lipton and for the next half hour, we are breaking down the trends of today that'll move stocks tomorrow. There's a lot to keep track of, so we're focusing on what you need to know to get ahead of the curve. Here's some of the trends we're going to be diving into.US stocks moved slightly higher Tuesday as Wall Street absorbed President Trump's bid to remove Federal Reserve Governor Lisa Cook. At the end of the trading session, all major indices did end the d ...

车主们注意了 别急着加油 编 辑丨刘 巧 校 对丨王海艳 初 审丨刘 雷 复 审丨古洪庆 终 审丨李文峰 今天（8月26日）24时 新一轮油价要大幅下调啦 2025年第17轮油价调整将于今天（8月26日）24时开启。本轮油价在经过10个工作日统计后，预计今晚 将会下调汽油180元/吨，柴油175元/吨。折合升计算，汽柴油价格下降0.13至0.16元/升，加满一箱50升 的92号汽油预计将节省7元左右。（具体以国家发改委通知为准） 来 源丨今日油价查看、第一财经 ...

Core Viewpoint - The incident involving a car owner being charged for 67.96 liters of gasoline despite having a 50-liter fuel tank raises significant concerns regarding the accuracy and reliability of fuel dispensing systems at gas stations [2][5]. Group 1: Incident Details - The gas station involved is China National Petroleum Corporation's Sichuan Chengdu Sales Company, specifically the Gaoxin Tianshan gas station located in Chengdu High-tech Zone [2]. - The specific fuel pump in question was identified as pump number 06, which has been sealed and is currently out of service since the incident on August 9, 2025 [2]. - Following the complaint, the local market supervision authority conducted an on-site investigation on August 12, and a comprehensive investigation is ongoing [2]. Group 2: Customer Experience - The car owner, Mr. Yang, reported that he was charged for 67.96 liters of gasoline, which he disputed due to the capacity of his vehicle's fuel tank being only 50 liters [5]. - After raising concerns, the gas station insisted on charging based on the pump's reading, leading to Mr. Yang's frustration as he received no immediate resolution [5][7]. - Despite a gas station representative offering a personal refund for the overcharge, Mr. Yang felt the need for a formal apology or explanation, which has not been provided even after the fuel pump was unsealed [7].

Summary of Key Points from the Oil Data Digest Industry Overview - The report focuses on the oil industry, specifically oil inventory data across various regions including the US, Europe, Japan, Singapore, and Fujairah. Core Insights and Arguments - **Total Oil Inventories**: Total oil inventories increased by 1.8 million barrels (mln bbls) last week, with crude stocks rising by 3.8 mln bbls primarily due to a build in the US [1][2][35]. - **Refined Product Stocks**: Refined product stocks decreased by 2.0 mln bbls, driven by draws in the US and Fujairah [3][4][35]. - **Regional Breakdown**: - **US**: Crude stocks built by 3.0 mln bbls, with a total crude build of 3.3 mln bbls when including the Strategic Petroleum Reserve (SPR) [78][90]. - **Europe**: Total oil stocks increased by 0.7 mln bbls [31][35]. - **Fujairah**: Product inventories decreased by 1.6 mln bbls week-over-week (WoW) [29][35]. - **Singapore**: Product inventories increased by 0.2 mln bbls [33][35]. - **Distillate and Gasoline Stocks**: Distillate stocks saw a marginal build, while gasoline stocks experienced a draw of 0.8 mln bbls, consistent with seasonal trends [80][81]. Additional Important Information - **Crude Production and Imports**: US crude production rose by 40 thousand barrels per day (kbpd) to approximately 13.3 million barrels per day (mbpd). Crude imports increased by 1 mbpd, contributing to the build in crude stocks [78][90]. - **Refinery Operations**: Refinery runs increased by 60 kbpd, although overall utilization rates fell by 0.5 percentage points (pp) to 96.4% [79][88]. - **Historical Context**: The current inventory levels are compared to the 10-year average, indicating significant deviations in both crude and refined product stocks [6][35]. Conclusion - The oil market is experiencing a complex interplay of inventory builds and draws across different regions, with significant implications for supply dynamics and pricing. The data suggests a robust supply response in the US, while other regions show varied trends in inventory levels.

Russia plans to extend its ban on gasoline exports from fuel producers through September to ensure domestic supplies as Ukrainian drone attacks disrupt major refineries https://t.co/WcMJyRohsp ...

能源指数下跌1.1%， 汽油指数下跌2.2%。新车价格持平，二手车和卡车价格小幅上涨0.5%。家庭食品价格环比持平。 ...

Core Viewpoint - HF Sinclair Corporation has initiated a cash tender offer to purchase all outstanding notes, indicating a strategic move to manage its debt obligations and optimize its capital structure [1][3]. Tender Offer Details - The tender offer includes various series of senior notes, with specific amounts outstanding such as $153.585 million for the 5.875% Senior Notes due 2026 and $249.875 million for the 6.375% Senior Notes due 2027 [2]. - The tender offer will expire at 5:00 p.m. New York City time on August 15, 2025, unless extended or terminated earlier [5]. - Holders of the notes must validly tender their notes before the expiration time to receive the tender offer consideration [5][7]. Financial Considerations - The tender offer consideration will be determined based on the fixed spread over the yield of the applicable U.S. Treasury Security, with calculations made by the Lead Dealer Managers on the price determination date [6]. - In addition to the tender offer consideration, accrued and unpaid interest will be paid in cash on all validly tendered notes accepted for purchase [7]. Conditions and Management - The tender offer is subject to certain conditions, including the receipt of sufficient gross proceeds from a concurrent public offering of senior debt securities [3][11]. - The corporation may waive conditions or extend the tender offer at its discretion [4]. Company Overview - HF Sinclair Corporation is an independent energy company that produces and markets high-value light products, operating refineries across several states and providing various petroleum-related services [14]. - The company markets its refined products primarily in the Southwest U.S. and has a significant presence in the renewable diesel market [14].

Financial Data and Key Metrics Changes - Delek reported a net loss of $106 million or negative $1.76 per share for the second quarter, with an adjusted net loss of $33 million or negative $0.56 per share and adjusted EBITDA of $170.2 million [23][24] - The increase in adjusted EBITDA was driven by a $141 million increase in refining, primarily due to a higher margin environment and sequentially higher throughputs [23][24] - Cash flow provided by operations was $51 million, including a net loss and an inflow of approximately $51 million from timing-related working capital movements [24] Business Line Data and Key Metrics Changes - The logistics segment delivered approximately $120 million in adjusted EBITDA, marking a $4 million increase over the previous record [24] - Supply and marketing contributed a gain of $26 million, with wholesale marketing generating approximately $19 million [21] - The refining segment saw realized refining margins increase by $0.96 per barrel compared to the previous year, despite a decline in benchmark net margin [16] Market Data and Key Metrics Changes - The company noted a positive trend in diesel demand, with diesel inventories at five-year lows and gasoline showing a draw of 1.2 million barrels [45][48] - The outlook for the market remains optimistic, particularly for diesel, as high utilization rates continue despite low inventories [48] Company Strategy and Development Direction - Delek is focused on its enterprise optimization plan (EOP), increasing guidance on EOP improvements to a run rate of $130 million to $170 million starting in the second half of the year [4][8] - The company aims to improve cash flow generation through structural changes in operations, including cost reductions and enhanced operational efficiency [7][35] - Delek is committed to maintaining a disciplined approach to capital allocation, balancing dividends, share buybacks, and strengthening the balance sheet [12][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the small refinery exemption (SRE) petitions, indicating confidence in a favorable outcome based on legal precedents [30][31] - The company anticipates continued strong performance in refining and logistics, with expectations for increased throughput and margin improvements [16][19][66] Other Important Information - Delek paid approximately $16 million in dividends and repurchased about $13 million of its shares during the quarter [12] - The company completed a successful high-yield offering, increasing liquidity at DKL to over $1 billion, which supports its growth initiatives [9][24] Q&A Session Summary Question: Confidence around small refinery exemption (SRE) - Management expressed optimism about the SRE outcome, highlighting the economic harm caused by the pending issue and the company's compliance during the petition period [30][31] Question: EOP guidance and potential for further upside - Management confirmed that EOP is a continuous improvement initiative, with increased guidance reflecting confidence in margin improvements and operational efficiencies [35][38] Question: Allocation of cash flow and capital returns strategy - The company maintains a balanced approach to capital allocation, focusing on dividends, share buybacks, and strengthening the balance sheet [41][42] Question: Q3 demand trends and outlook - Management noted positive trends in diesel and gasoline demand, with expectations for a constructive market environment [45][48] Question: Supply and marketing performance in Q3 - The company is optimistic about supply and marketing contributions, driven by improved logistics and market access [51][53] Question: Timing for economic separation of DKL - Management indicated ongoing efforts towards economic separation, with a focus on enhancing DKL's value through strategic initiatives [57][59]

Financial Data and Key Metrics Changes - The company reported a record upstream production of 831,000 barrels per day for the first half of 2025, an increase of 28,000 barrels per day compared to the previous record set in 2024 [7] - Refining throughput reached 462,000 barrels per day in the first half of 2025, surpassing the previous best by 20,000 barrels per day [9] - Adjusted funds from operations (AFFO) for Q2 was $2,700,000,000, translating to $2.2 per share, while adjusted operating earnings were $873,000,000 or $0.71 per share [32] - Operating costs for the first half of 2025 were $6,460,000,000, down $135,000,000 compared to 2024 despite higher production and throughput [12] Business Line Data and Key Metrics Changes - Upstream production in Q2 was 808,000 barrels per day, the highest second quarter in company history, with oil sands production at 748,000 barrels per day [31] - Refining utilization remained robust at 95%, with crude throughput of 442,000 barrels per day [32] - Product sales in the first half of 2025 reached 603,000 barrels per day, marking a 15,000 barrels per day increase from the previous year [10] Market Data and Key Metrics Changes - WTI crude oil prices averaged $63.7 per barrel in Q2, a decrease of almost $8 from Q1 [28] - The light-heavy differential tightened to $2.45 per barrel, while synthetic crude improved to a $1 per barrel premium [28] - The Canadian dollar strengthened against the US dollar, moving from $0.70 to $0.72 [29] Company Strategy and Development Direction - The company is focused on operational excellence and has implemented a new system to manage reliability and performance, aiming to reduce variability across its operations [23][24] - A commitment to reduce turnaround costs by $350,000,000 per year has been established, reflecting a focus on capital efficiency and operational improvements [18] - The company plans to continue enhancing its integrated business model to deliver reliable cash flows and strong returns to shareholders [27] Management's Comments on Operating Environment and Future Outlook - Management expects continued commodity market volatility but remains optimistic about refining margins due to positive supply-demand balances and low product inventories [30] - The company is confident in its ability to achieve high-end production guidance for the year, driven by operational improvements and reduced variability [70] - Future capital expenditures are expected to remain structurally lower, with a focus on maintaining resilience and returning capital to shareholders [72] Other Important Information - The company returned nearly $1,500,000,000 to shareholders in Q2, including $697,000,000 in dividends and $750,000,000 in share buybacks [26] - The company has repurchased 2.3% of its equity float so far this year, supporting future dividend and free funds flow per share growth [27] Q&A Session Summary Question: Has the stream day capacity risen on U1 after the project enhancements? - The stream day capacity remains around 140,000 barrels per day, but the upgraded metallurgy allows for extended turnaround intervals [40] Question: Is the $8,000,000,000 net debt target still appropriate given better cash flow generation? - The $8,000,000,000 target was based on a $50 per barrel WTI world, and management is open to reevaluating this as business performance improves [43] Question: How is the company driving stronger turnaround performance? - A systematic approach has been implemented, focusing on benchmarking, risk-based work selection, and detailed planning to achieve best-in-class turnaround performance [55] Question: Can you provide an update on Fort Hills' North Pit development? - Fort Hills is delivering on its three-year plan, with ongoing stripping and dewatering activities in the North Pit, and management is confident in future production increases [62] Question: What is the outlook for refining margins and the diesel market? - The refining macro environment is robust, with strong diesel cracks and record diesel production following recent turnarounds [98]

Financial Data and Key Metrics Changes - The company reported a record upstream production of 831,000 barrels per day for the first half of 2025, surpassing the previous record by 28,000 barrels per day [6] - Refining throughput reached 462,000 barrels per day in the first half of 2025, also a record, exceeding the previous best by 20,000 barrels per day [7] - Adjusted funds from operations (AFFO) for Q2 was $2,700,000,000, translating to $2.2 per share, while adjusted operating earnings were $873,000,000 or $0.71 per share [30] - The total operating costs for the first half of 2025 were $6,460,000,000, down $135,000,000 compared to 2024, despite higher production and throughput [10] Business Line Data and Key Metrics Changes - Upstream production in Q2 was 808,000 barrels per day, marking the highest second quarter in company history [29] - Oil sands production averaged 748,000 barrels per day in Q2, impacted by turnaround activities [29] - Refining utilization remained robust at 95%, with crude throughput of 442,000 barrels per day [30] - Product sales reached 603,000 barrels per day in the first half of 2025, a record high, with a 72,000 barrels per day increase compared to 2023 [9] Market Data and Key Metrics Changes - WTI crude prices averaged $63.7 per barrel in Q2, a decrease of nearly $8 from Q1 [25] - The light-heavy differential tightened to $2.45 per barrel, while synthetic crude improved to a $1 per barrel premium [26] - Diesel cracks remained strong, contributing positively to the refining margins [96] Company Strategy and Development Direction - The company is focused on operational excellence and reducing turnaround costs, raising the annual turnaround capital reduction target from $250,000,000 to $350,000,000 [17] - A new operational excellence system has been implemented to standardize performance across sites, aiming for best-in-class operations [22][23] - The company plans to maintain a disciplined approach to capital expenditures, with a revised guidance range of $5,700,000,000 to $5,900,000, reflecting a structural reduction [21][72] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued commodity market volatility but remains optimistic about refining margins due to positive supply-demand balances [28] - The company is committed to returning excess funds to shareholders through buybacks and dividends, having returned $13,600,000,000 since the beginning of 2023 [25] - Future growth projects and long-term plans will be discussed at the end of 2025, as the company aims to achieve its three-year plan ahead of schedule [90][91] Other Important Information - The company completed significant capital projects under budget, including the Base Plant U1 coke drum replacement and the Syncrude Mildred Lake West mine extension [19][20] - The balance sheet remains strong with net debt at $7,700,000,000, and the company expects to manage working capital effectively [31] Q&A Session Summary Question: Has the stream day capacity risen on U1 after the project? - The stream day capacity remains around 140,000 barrels per day, but the upgraded metallurgy allows for extended turnaround intervals [40] Question: Is $8,000,000,000 the right net debt target going forward? - The $8,000,000,000 target was set based on a $50 per barrel WTI environment, and management is open to reevaluating this as cash flow generation improves [42][43] Question: How is the company driving stronger turnaround performance? - A systematic approach has been implemented, focusing on benchmarking, risk-based work selection, and detailed planning to achieve best-in-class turnaround performance [55][56] Question: Can you provide an update on Fort Hills' North Pit development? - Fort Hills is on track with its three-year plan, and the North Pit development is progressing as planned, with confidence in increasing production [61] Question: When will the company discuss growth projects like Firebag expansion? - The company plans to provide more details on growth projects at the end of 2025, as it aims to achieve its current three-year plan ahead of schedule [90][91] Question: What is the outlook for the refining macro environment? - The refining environment is expected to remain robust, particularly for diesel, with strong local and global demand supporting the business [96]