BUZZ-US refiners outperform S&P 500 energy sector as margins rebound
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U.S. refiners are set to achieve annual gains in 2025, outperforming the S&P 500 energy index due to a rebound in refining margins from multiyear lows. The 3-2-1 crack spread rose over 18%, with Valero Energy surging 34%, Marathon Petroleum up 17.4%, and Phillips 66 rising 13.7%. Smaller refiners also saw significant gains, with Delek US Holdings increasing by 61.6%. The S&P 500 energy index has risen over 4% year-to-date, led by these refiners.
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