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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.5 occurred near Liunan District, Liuzhou City, Guangxi Province at 07:41 on May 18. The final result is subject to the official rapid report.On May 18th, according to foreign media reports, soybean oil futures on the Chicago Board of Trade (CBOT) continued to decline in the week ending May 15, 2026, with the benchmark contract closing down 0.6%, mainly reflecting lower prices for Chicago soybeans and other vegetable oils, as well as weak soybean oil export sales. However, international crude oil futures rebounded, and soybean oil inventories were lower than expected, providing a bottom support for the market. This week, Malaysian palm oil fell 1.8%, and Canadian canola fell 2%; Brent crude rose 7.87%. The soybean oil/fuel oil spread was 152.37 cents, compared to 157.83 cents a week earlier, reflecting continued improvement in biofuel margins. Calculations based on the USDAs weekly crush report showed that for the week ending May 8, 2026, the US soybean crush margin was $4.89 per bushel, down 7.39% from a week earlier. According to the monthly crush report from the National Oilseed Processors Association (NOPA), soybean oil stocks stood at 1.947 billion pounds at the end of April, down 4.5% from March, slightly below market expectations, but up 27.5% from the same period last year.According to foreign media reports on May 18th, commodity funds were net sellers of CBOT corn, wheat, and soybean futures contracts, while net buyers of CBOT soybean meal and soybean oil futures contracts on Friday. Specifically, they were net sellers of 12,000 soybean futures contracts.The UKs Rightmove average house asking price index rose 1.2% month-on-month in May, compared with 0.80% in the previous month.Australian Treasurer Charles Chalmers has issued orders to six shareholders to divest their stakes in Northern Minerals. This decision is entirely in line with the recommendations of the Treasurer and the Foreign Investment Review Board, aimed at protecting national interests and ensuring compliance with Australias foreign investment framework.

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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