NEW YORK, January 1, 2026, 07:31 ET — Market closed
- PBF Energy shares last closed up 4.15% on Dec. 31, while U.S. markets are shut Thursday for the New Year’s Day holiday.
- Fresh EIA data showed crude inventories fell, but gasoline and distillate stocks surged on strong refinery runs.
- Investors’ next focus includes PBF’s Goldman Sachs conference appearance (Jan. 5–7) and its Feb. 12 earnings report.
PBF Energy Inc shares finished the last U.S. trading session up more than 4%, outperforming larger refiners as investors parsed new U.S. fuel inventory data into year-end. U.S. markets are closed on Thursday for the New Year’s Day holiday.
The move matters now because refiners’ earnings swing with the crack spread — the gap between crude oil costs and prices for fuels such as gasoline and diesel. That spread has been whipsawed by weekly supply-and-demand signals and shifting expectations for early-2026 consumption.
Traders also had one eye on 2025’s sharp drop in crude prices, which can lower a refiner’s feedstock bill. But bigger fuel inventories can still pinch margins if gasoline and diesel prices soften.
PBF ended Wednesday at $27.12, up 4.15%, after trading between $25.65 and $27.51; shares were up 0.44% in late after-hours deals. The stock’s 52-week range is $13.62 to $41.48, and volume of about 2.15 million shares ran below its recent average, data showed.
Bigger U.S. refiners were weaker on the day, with Valero Energy, Marathon Petroleum and Phillips 66 all closing lower, highlighting PBF’s outperformance.
In the week ended Dec. 26, U.S. commercial crude inventories excluding the Strategic Petroleum Reserve fell 1.9 million barrels to 422.9 million, the Energy Information Administration said. Gasoline stocks rose 5.8 million barrels and distillate inventories rose 5.0 million barrels, while refineries ran at 94.7% of operable capacity and total petroleum inventories increased 10.2 million barrels.
“Year end numbers tend to be distorted,” said Josh Young, chief investment officer at Bison Interests. He said shifts tied to ad valorem taxes — levies based on the value of stored oil — can blur the margin signal in weekly data. Reuters
Oil’s broader backdrop remained bearish heading into 2026, with Brent down nearly 18% in 2025 and U.S. West Texas Intermediate down about 19% on oversupply worries, a Reuters report said. That mix can help refiners on crude costs while leaving them vulnerable if product prices weaken.
The EIA’s latest Short-Term Energy Outlook forecasts Brent averaging about $55 a barrel in the first quarter of 2026 and expects lower U.S. crack spreads in December and early 2026 versus its prior forecast. It still sees refinery margins running higher on average in 2026, helped by lower crude prices and tightness in some product markets.
PBF said its management team will participate in the Goldman Sachs Energy, CleanTech & Utilities Conference on Jan. 5–7. The company operates refineries in California, Delaware, Louisiana, New Jersey and Ohio and is a 50% partner in the St. Bernard Renewables joint venture, it said.
The company said it will release fourth-quarter 2025 results on Feb. 12, with a conference call and webcast scheduled for 8:30 a.m. ET. Investors will look for updates on utilization, planned maintenance and how margins tracked into the end of the year.
Before the next session on Friday, traders are likely to keep focusing on crack spreads and product stockpiles — inputs that can move refiners quickly when they surprise. The EIA’s Weekly Petroleum Status Report is normally released at 10:30 a.m. Eastern time on Wednesdays, with timing adjusted for federal holidays.
On the chart, traders will watch whether PBF can hold above $25.65, Wednesday’s low, after failing to push past $27.51, the day’s high. Longer term, the shares remain well off the 52-week high of $41.48 and above the 52-week low of $13.62.
