PSX · 10-Q · 2026Q2 · Full report

Geopolitical Commodity Price Impact

Phillips 66 · 2026-08-05 · Importance 78 · Surprise 74

Phillips 66 reported significant commodity-price movements during the second quarter of 2026 that were driven in part by geopolitical events and could materially affect future results. Middle East supply concerns lifted weighted-average NGL prices to $0.73 per gallon from $0.64 in the second quarter of 2025 and increased WTI crude prices at Cushing, Oklahoma, to $93.21 per barrel from $63.86. Geopolitical events also reduced global refined-product resupply, contributing to an increase in the composite 3:2:1 crack spread to $41.63 per barrel from $21.65, while fewer Middle East NGL cargos tightened supply markets.

Key facts

• The price of WTI increased to an average of $93.21 per barrel during the second quarter of 2026, from an average of $63.86 per barrel during the second quarter of 2025. source
• The increase in NGL prices was primarily due to a tight supply market with fewer cargos from the Middle East. source