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.

According to the International Energy Agency's latest monthly report, refining margins surged to four-year highs in early July as product markets tightened even while crude prices…

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…