US refiners are poised for sharply higher Q3 profits as the Middle East conflict
and the Russia‑Ukraine war spark global fuel buying. Wall Street analysts say
independents Valero Energy, Marathon Petroleum and Phillips 66 could far exceed
their near‑record Q2 results. Global supply reductions and rising product
prices—especially diesel—have driven crack spreads to record levels, lifting
per‑gallon margins. Novi Labs fuel analyst John Auers said the profit surge
marks a reversal in the industry’s fortunes. Shares of the major refiners have
climbed to new highs.
