U.S. Refinery Stocks Surge 6% on Margin Expectations, Adding $350 Million in Market Cap in Just One Day

PBF Energy Inc. shares climbed 6.59% to close at $32.82 on the New York Stock Exchange in the most recent trading session. Volume topped 1.9 million shares, and the company’s market capitalization swelled by about $2.68 billion (roughly ₩3.5 trillion) in a single day, reaching approximately $3.8 billion (₩5 trillion).

Recently, PBF Energy announced the sale of two refined-product terminals in Philadelphia and Knoxville for about $175 million (₩230 billion), monetizing non-core assets, and disclosed that a substantial portion of the Martinez refinery fire-recovery costs will be covered by insurance. In addition, Mizuho raised its 2025 year-end price target for PBF from $31 to $38 and upgraded its recommendation to Neutral, citing tightening product supply on the U.S. West Coast and expectations for the Martinez refinery’s restart.

PBF Energy is a major independent North American refiner with facilities in California, Delaware, Louisiana, New Jersey and Ohio, producing gasoline, diesel and jet fuel. The company is also investing in low-carbon fuels—such as renewable diesel—and in programs to improve refinery efficiency at Martinez, aiming to reduce costs and diversify its revenue streams.