Refining Weekly

Research evidence excerpt

J P M O R G A N

North America Equity Research

10 August 2026

Refining Weekly

Key Refining Data for the Week Ending August 7

In this weekly note, we include charts and tables that highlight key refining metrics,

including crack spreads, crude and product differentials, and regional inventory

levels. Please contact us for any of the underlying data.

Refining stocks down w/w. Refining stocks were down -11.1% WoW. PARR

(-22.9%) and PBF (-14.6%) were the WoW laggards. Quarter-to-date, refining

stocks are up +18.8% vs. the XLE up +8.3%.

U.S. 3:2:1 cracks down w/w. East Coast (-$10.75), Mid-Con (-$1.38), Gulf

Coast (-$6.15), and West Coast (-$8.71) cracks were lower WoW.

Oil & Gas Exploration & Production

Arun Jayaram AC

(1-212) 622-8541

Kartikey H Pandey

(1-212) 622-5006

J.P. Morgan Securities LLC

Recap of this week’s research:

EIA Weekly Data: Key Takeaways for Week of 7/31 Data (link)

California Refining: Gasoline Inventories Build ~0.7 mmbbl w/w; Remains

Below Seasonal Lows (link)

Canada Refining: Ontario Runs Build 1% w/w; Remains Below Seasonal

Lows (link)

International Refining: Singapore Fuel Oil Inventories Build ~1.4 mmbbls

w/w (link)

Figure 1: Stock Performance Summary

% returns

Refiners

XLE

S&P 500

Individual Stock Performance

CVI

DK

DINO

MPC

PARR

PBF

PSX

VLO

This Week

-11.1%

-3.4%

3.6%

3Q26TD

18.8%

8.3%

3.4%

YTD

79.6%

28.6%

13.3%

-12.5%

-13.9%

-11.0%

-5.8%

-22.9%

-14.6%

-3.7%

-4.7%

13.1%

15.1%

16.9%

16.6%

18.2%

35.6%

20.6%

14.5%

22.4%

97.1%

76.7%

83.4%

88.6%

127.5%

58.0%

83.2%

Since 4/5/2024

Peak

Since Liberation

Day

Since Post

Liberation Day

Trough

33.9%

17.3%

49.1%

165.8%

22.2%

36.8%

229.5%

46.0%

52.9%

-17.1%

75.1%

27.8%

36.1%

67.9%

-0.5%

19.4%

62.7%

59.4%

277.6%

142.2%

101.6%

342.2%

215.7%

64.4%

123.3%

94.0%

383.5%

196.1%

146.3%

413.1%

311.4%

106.4%

184.9%

Source: Bloomberg Finance L.P.