Oil Refiners Are Cashing In on a Market That Won’t Stay Broken

Oil Refiners Are Cashing In on a Market That Won’t Stay Broken By Julianne Geiger - Jul 13, 2026, 6:00 PM CDT Refining margins have surged to record highs as crude prices have fallen while gasoline, diesel, and jet fuel remain scarce, creating one of the most profitable environments refiners have seen in years. The disconnect stems from a temporary crude surplus but persistent fuel shortages. The imbalance is unlikely to last forever, as stronger refinery runs will absorb excess crude, though continued attacks on Russian refining infrastructure and slow Middle East refinery recoveries could keep fuel markets tight for longer.