Refiner Stocks Outperform as Global Fuel Squeeze Tightens

U.S. refiner stocks (Phillips 66, Valero, Marathon Petroleum) have more than doubled in 2026, outperforming supermajors, as global refined product markets tighten more than crude. The squeeze stems from Middle East conflict-driven supply disruptions and over 7 million bpd of refined product capacity offline. This signals sustained fuel supply stress with potential inflationary implications.