Phillips 66 (PSX) is down about 3% in Wednesday trading (April 1, 2026), tracking a risk-off move across energy stocks even as crude benchmarks remain high. The selling pressure is being amplified by softer signals in the gasoline complex, with RBOB gasoline futures pulling back, which can translate into concerns about near-term refining profitability after a period of unusually strong margins. (investing.com)

For refiners, the key driver is the spread between refined products and crude input costs. While recent weeks featured exceptionally strong margins, markets can quickly reprice the group when product prices cool or demand shows signs of strain—particularly for gasoline heading into the spring/summer driving season. The latest tape shows gasoline futures declining even as crude remains elevated, a combination that can pressure expected crack spreads and prompt profit-taking in refiner shares. (investing.com)

Crude markets have been highly volatile, with the global supply-risk premium pushing Brent far above WTI and contributing to uncertainty around downstream profitability and consumer demand. In that backdrop, investors are also paying attention to operational and portfolio headlines around the company, including the ongoing wind-down/closure process for the Los Angeles-area refining footprint, which remains a live topic in industry and market discussions. (investing.com)