Tight global fuel markets are driving refining margins to all-time highs, making refineries a key earnings driver for oil majors. As crude oil prices stabilize, the focus shifts to downstream operations, where companies like ExxonMobil and Chevron are seeing unprecedented profitability. The surge in margins is attributed to supply disruptions and strong demand, particularly in Asia and Europe.
Analysts predict this trend will continue through the third quarter, with refineries operating at near-full capacity. The earnings boost comes as majors look to offset exploration losses and invest in renewable energy transitions.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing