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Amazon (AMZN.O) announced that it will hold its Prime Day event from June 23 to 26.June 2nd, Futures News: Economies.com analysts latest view: WTI crude oil futures prices retreated during recent intraday trading, having previously touched the EMA50 moving average resistance level, which hindered any sustained rebound. As a result, oil prices turned downwards, and short-term bearish pressure reappeared. This decline coincides with the negative signal released by the Relative Strength Index (RSI). Previously, the RSI formed a bearish divergence after a significant price increase, indicating that the market was severely overbought. This technical signal further exacerbated the technical pressure on the market. Meanwhile, the short-term downtrend remains dominant, with oil prices moving along the descending trendline, reinforcing bearish expectations and suggesting that negative sentiment may persist in the short term.June 2nd, Futures News: Economies.com analysts latest view: Brent crude oil futures fell in recent intraday trading, primarily due to a bearish divergence on the Relative Strength Index (RSI), and the previous overbought condition appearing excessive relative to price action. This phenomenon releases new negative signals and increases downward pressure on the market. Furthermore, Brent crude oil futures prices continue to trade below the 50-day EMA, further strengthening downward momentum and limiting any rebound attempts. Meanwhile, prices remain within the short-term downtrend line, further supporting the current bearish structure.Futures News, June 2nd: Zhengzhou rapeseed meal futures opened higher but then trended downwards. Canadian canola futures closed higher, with the benchmark contract rising 1.76%, mainly driven by stronger international crude oil futures. Rapeseed meal spot prices remained stable today. With crushing plant operating rates continuing to rise, rapeseed meal supply is ample, and downstream demand is increasing, limiting short-term fluctuations in rapeseed meal prices.June 2nd - Recently, various regions have continued to optimize and adjust their housing provident fund policies. A review of the new policies across the country reveals that, in addition to purchasing housing, the renovation of old residential areas and the installation of elevators have become important areas for policy updates. Shenyang, Liaoning Province, recently issued a policy announcing the full implementation of provident fund use for livability improvements starting this year. The policy clarifies that families who purchase newly built unfurnished commercial housing with full payment or a commercial loan, and provided there are no outstanding provident fund loans, can apply for a special livability improvement loan or withdraw provident funds for home renovation and upgrades within two years of purchasing the property. Since the beginning of this year, many places across the country have included home aging-friendly and child-friendly renovations, as well as home renovations, within the scope of withdrawals. Anqing and Wuhu in Anhui Province have specified withdrawal limits ranging from 30,000 to 50,000 yuan; many places in Gansu Province stipulate that the maximum withdrawal limit for aging-friendly renovations can reach 100,000 yuan; and Xiamen in Fujian Province allows residents to withdraw housing provident funds for home renovations, with a standard of 1,800 yuan per square meter and a maximum withdrawal amount of 250,000 yuan per unit.

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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