OIL REFINERS SOAR 104% AS WARNING SIGN FLASHES

The S&P 500 Oil & Gas Refining & Marketing index has jumped 104% in 2026, with Marathon Petroleum ($MPC) and Valero Energy ($VLO) each gaining more than 80% as refining margins widened on supply disruptions. The index now sits 41% above its 150-day moving average, a level reached only five times before in its history — and every one of those episodes was followed by a decline averaging 10.1% over the next six months.