Our top five US Oil Stocks to watch in 2026

This week we are looking at US-listed oil refining stocks as investors focus on the sector's prospects in the wake of the Trump administration's intervention in Venezuela. The shifting tides of geopolitics in the Caribbean may, they hope, provide an unexpected dividend for the wider US sector. 

The poster boy for the Venezuela oil trade is Chevron Corp [NYSE:CVX], which has been bid up nearly 10% in the last month, In this article we look at five high quality US refining plays which we think are also positioned to do well in 2026, regardless of their exposure to Venezuela.

As ever, we include two stocks for free, and three for our premium subscribers. I have also included the 12 month stock performance (based on the close in the US yesterday).

Delek US [NYSE:DK] +48%

Delek US presents an intriguing risk/reward opportunity in 2026 driven by strategic optimisation and a strong recent price performance relative to peers. A newly outlined Enterprise Optimisation Plan targets meaningful free cash flow generation (at least $180mn) through improved working capital efficiency and logistics contributions, which is a positive for dividend sustainability and reinvestment capacity. Moreover, analyst forecasts suggest a notable potential upside to median price targets, bolstered by market recognition of Delek’s capacity to outperform within its peer group.

Delek's integrated downstream footprint, encompassing refining, logistics and biofuels, creates diversified earnings streams that can weather commodity and margin cycles. While leverage remains a consideration, the company’s ability to deliver higher-octane blends and capture regional crude flows could enhance margins as supply tightens and product demand persists. Relative strength improvements and technical acceptance further underpin its status as a stock to watch.

PBF Energy [NYSE:PBF] +10.66%

PBF Energy’s 2026 outlook centres on operational recovery and throughput revival after its Martinez refinery rebuild progresses toward full rates. Guidance suggests total throughput approaching nearly one million barrels per day across refined assets, which could significantly bolster revenue and margin capture if crack spreads remain healthy. PBF’s complex refining system uniquely positions the company to process a diverse slate of feedstocks and generate lighter, higher-margin products that are in strong demand.

Technical signals also indicate improving relative strength compared to the broader sector, suggesting investor interest may be re-igniting. While consensus ratings are cautious, that often reflects cyclical overshoot rather than structural weakness. PBF’s asset base and regional exposure to supply dynamics could reward armchair traders as markets normalise. If margins widen or economic activity lifts fuel consumption, PBF stands to benefit disproportionately relative to smaller peers.