Valero Energy CorporationTrump pressed refining executives including Valero to boost domestic fuel production amid record diesel crack spreads, supporting refining margins.
U.S. diesel futures surged Tuesday to their highest levels since April 2022, with the diesel crack spread hitting a record above $106 per barrel, as the global fuel crunch persists. Retail diesel prices at $5.63 per gallon are near the highest since the Iran war began, and analysts warn they could soon breach the $5.80 record set in 2022. Front-month Nymex ULSD for October delivery soared 6% to $4.6773 per gallon, its fifth straight daily gain, while RBOB gasoline rose 1.9% to $3.1351 per gallon. The spike came as President Trump met with refining executives, including leaders from Marathon Petroleum, Valero Energy, Phillips 66, Chevron, PBF Energy, and Delek US, pressing them to boost domestic fuel production. Executives blamed federal biofuel blending requirements for raising pump prices. Crude oil futures also jumped more than $4 per barrel, settling at a five-week high, as renewed U.S.-Iran hostilities raised concerns about flows through the Strait of Hormuz.
Valero Energy CorporationTrump pressed refining executives including Valero to boost domestic fuel production amid record diesel crack spreads, supporting refining margins.
Marathon Petroleum CorpMarathon Petroleum among refining leaders pressed by Trump to boost output; executives cited federal biofuel blending requirements as the cost driver.
Phillips 66Phillips 66 among refining executives Trump pressured to raise output; executives blamed federal biofuel blending requirements for pump prices.
Chevron CorpChevron among refining executives Trump pressed to boost fuel output; executives blamed federal biofuel blending requirements for high pump prices.
Delek US Energy IncDelek US named among refiners meeting Trump, who urged higher domestic fuel production while executives blamed biofuel blending mandates.
PBF Energy IncPBF Energy named among refiners meeting Trump over boosting domestic fuel production amid record diesel crack spreads.