Shares of U.S. oil refining companies declined in pre-market trading on Monday, after ending last Friday’s session near their lowest levels in two years due to concerns over slowing global demand for crude oil.
Marathon Petroleum’s stock fell by 4.35% to $115.80 before the market opened at 12:13 PM Mecca time, following a 5.85% drop to $121.07 at the close of Friday’s session.
Valero Energy’s stock declined by 3.72% to $100.80, while Phillips 66 shares dropped 3.20% to $95.65.
Combined, the three companies have lost over $20 billion in market value since U.S. President Donald Trump announced a new round of reciprocal tariffs on all countries last Wednesday.
This move triggered a wave of panic in the energy sector due to fears of a global economic recession and, consequently, a slowdown in oil demand.
As a result, some brokerage firms and banks have revised their oil price forecasts for 2025 and 2026.
Goldman Sachs on Sunday lowered its 2026 average annual forecast for Brent crude by $4 from its previous estimate, bringing it down to $58 per barrel. It also reduced its forecast for U.S. West Texas Intermediate (WTI) by the same amount to $55 per barrel.
This came after the bank had already cut its 2025 average price estimates on Friday to $62 for Brent and $59 for WTI
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