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

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.