Investor Alert

June 21, 2022, 10:57 a.m. EDT

Refiner Phillips 66 stock rallies more than 6% in best performance since late 2020

Phillips 66 (NYS:PSX) stock rose more than 6% in midday trading Tuesday, on track for its largest percentage increase since Dec. 4, 2020, when it rose 6.6%. The refiner's stock traded as high as $96.10, making it the fourth best performer in the S&P 500 index. ConocoPhillips (NYS:COP) spun off its refining and midstream assets a decade ago, naming it Phillips 66. President Joe Biden last week blasted major U.S. oil refiners, calling on them to "take immediate actions" to increase the supply of gasoline, diesel and other refined products, amid high fuel prices. Shares of other refiners were also up on Tuesday, including jumps of more than 5% for shares of Marathon Oil Corp. (NYS:MRO) and Valero Energy Corp. (NYS:VLO)

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