Refiners have doubled in 2026

Marathon Petroleum closed at $358.18 on Monday, up 120% from its December 31 close. Valero is up 113% and Phillips 66 up 86% over the same stretch, and all three set fresh 52-week highs after gaining 10% to 12% in a week. SPY is up 13% year to date, so the three refiners have added roughly nine times the index return.

This chart shows prices only. It says nothing about crack spreads, refining margins or how much of the move is already priced, and a stock at a 52-week high after a doubling can keep running or give it back. The point is the size of the gap between one industry and the market it belongs to.