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Musk: GROK 4.6 will be released on social media on August 7.The SC crude oil futures contract fell more than 2.00% intraday, currently trading at 529.30 yuan per barrel.On July 28th, TD Securities strategists stated in a report that the dollar could experience a reflexive weakening if the Federal Reserve keeps interest rates unchanged on Wednesday. They expect rates to remain unchanged, but Fed officials Hamack and Logan are expected to dissentively support a rate hike. Nevertheless, any short-term dollar weakness is likely to be limited as expectations for Fed rate hikes throughout the remainder of 2026 remain well-informed. TD Securities anticipates that Warsh will offer little forward guidance, instead reiterating his commitment to price stability. They stated that Warsh is likely to point to recent declines in inflation data while suggesting that inflation remains high. 1. ADP Weekly Employment Report: In the four weeks ending July 11, 2026, private sector employers added an average of 15,000 jobs per week. 2. Agricultural consultancy Sovecon: The Sea of Azov shipping route remains closed, and Sovecon has lowered its 2026/27 Russian wheat export forecast by 1.9 million tons to 44.6 million tons. Russian grain exports are projected at 53.8 million tons. The Sea of Azov shipping route is not expected to return to normal in the coming weeks. 3. Despite market expectations of a low probability of a Fed rate hike in July, Bank of America still expects the Fed to keep rates unchanged. The bank stated that a July rate hike by the Fed would be unprecedented: since 1994, the Fed has never raised rates when the market probability of a rate hike was below 60%. Bank of America believes that higher oil prices are the main inflation risk and remains bullish on the dollar. 4. US President Trump: Now is a good time to reach an agreement with Iran; he hopes to avoid attacking Iranian bridges and power plants. Iran needs a formal declaration that it does not possess nuclear weapons. If no agreement is reached, it will be very easy to destroy the Jagdpanzer. 5. As of July 28, the national soybean oil port inventory was 993,000 tons, compared to 976,000 tons on July 21, an increase of 17,000 tons month-on-month. 6. The Brazilian Vegetable Oil Industry Association (Abiove) released its latest forecast data on Tuesday: Brazils soybean exports in 2026 are expected to reach 115.4 million tons, up from the previous forecast of 114.1 million tons, a 1.1% upward revision from the June forecast. Soybean crush volume is expected to reach 63.3 million tons, up from the previous forecast of 63 million tons. Ending stocks of soybeans are expected to reach 6.58 million tons, up from the previous forecast of 7.87 million tons, still the highest level since 2019. 7. Data released by the U.S. Department of Agriculture (USDA) shows that private exporters reported selling 197,272 tons of corn to unknown destinations for delivery in 2026/2027. 8. According to the London Metal Exchange (LME) Commitment of Traders (COT) report, as of the week ending July 24, 2026, investment funds held a net long position of 38,000 contracts in LME copper, an increase of 6,977 contracts from the previous week. Of these, long positions increased by 5,788 contracts, while short positions decreased by 1,189 contracts. Commercial participants held a net short position of 29,700 contracts in LME copper, an increase of 2,925 contracts from the previous week. 9. According to foreign media reports, brokerage and analysis firm StoneX stated on Tuesday that the global sugar market is expected to experience a supply-demand gap of 1.7 million tons in the 2026/27 marketing year (starting in October). In comparison, the revised supply surplus for the current year is 2.94 million tons. 10. A Reuters survey predicts that the average gold price will be $4,509 per ounce in 2026 and $4,610 per ounce in 2027; the average silver price is expected to be $72 per ounce in 2026 and $71 per ounce in 2027.Market news: The meeting between Ukrainian President Zelensky and Trump has ended, and Zelensky will leave the White House.

Phillips 66 Trademarks Mark Lashier will Succeed Greg Garland as CEO

Haiden Holmes

Apr 13, 2022 09:44

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Lashier, a chemical engineer who joined the firm three decades ago in the chemicals division, was named president and chief operating officer a year ago after leading Chevron Phillips Chemical Co, the company's joint venture with Chevron Corp (NYSE:CVX), since 2017.


Garland has considered refining as a mature company and has concentrated its efforts on expanding its energy infrastructure, chemicals, and establishing a presence in electric vehicle battery components. It spent around $150 million last year for a 16.5% share in Novonix Ltd, an Australian provider of lithium-ion battery materials.


Garland "built a market-leading diversified energy manufacturing and logistics organization while investing for the future and producing solid financial returns," according to Glen Tilton, lead independent director of Philips 66.


Although the Houston company's non-refining initiatives have generated great shareholder returns, its shares have lately underperformed bigger competitors that benefitted from increasing gasoline margins during pandemic lockdowns.


Lashier is expected to pursue Garland's diversification approach, which includes biofuels, hydrogen, and battery components. However, he must demonstrate that he can match competitors Marathon Petroleum Corp (NYSE:MPC) and Valero Energy (NYSE:VLO), which increased shareholder returns by selling off retail operations and diversifying into renewable diesel, analysts said.


Phillips 66 (NYSE:PSX) traded at $81.97 on Tuesday, up 13% year to date, compared to 34% year-to-year gains at Marathon and Valero and around 96% year-to-date gains at PBF Energy (NYSE:PBF).


"Lashier's task is to increase the company's value," Matthew Blair, an analyst at Tudor Pickering Holt & Co., said. "He will face inquiries regarding the company's non-refining businesses' value and what he can do to boost stock price performance and capitalize on the potential valuation."

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