Phillips 66 (PSX)

Phillips 66 Stock (PSX) dropped by 4.45% from $115.63 to $110.49 in the trading on Wednesday October 04, 2023. The reason why PSX stock down today is due to crude oil hit to four-week low on demand concerns. Though Saudi Arabia extended production cuts, US data showed a smaller-than-expected crude draw and a surprising gasoline build, sparking fears of slowing demand. Macroeconomic headwinds and rising yields added to the selling pressure, leaving investors wondering if oil's recent rally was just a short-term blip. The news weighed on energy stocks, causing PSX stock down today.

Phillips 66 Stock (PSX) dropped by 5.63% from $101.22 to $95.52 in the trading on Monday March 13, 2023. The reason why PSX stock down today is due to drop in crude prices. Shares of Phillips 66 fall sharply in early trading on Monday after oil prices plunged as much as 5% on concerns that the failures of Silicon Valley Bank and Signature Bank could lead to an economic slowdown which saps demand for crude oil.

Phillips 66 Stock (PSX) dropped by 5.78% from $106.42 to $100.27 in the trading on Tuesday January 31, 2023. The reason why PSX stock down today is due to its lackluster fourth-quarter results.

• Phillips 66 fell short of analyst expectations, reporting $1.9 billion ($4 per share) in adjusted earnings for the fourth quarter, missing the consensus estimate by $0.35 per share. While market conditions remained favorable, they lacked the strength of previous periods, impacting the company's chemicals and refining segments.
• Phillips 66's refining profits suffered a significant blow, plummeting from $2.9 billion to $1.6 billion due to shrinking margins. The realized margin per barrel took a nosedive from $26.87 in Q3 to $19.73 in Q4, primarily driven by a narrower crack spread and lower prices for refined products.