Valero Energy Corp has announced its highest-ever quarterly earnings per share, with net income soaring to $3.7 billion, a significant increase from $714 million year-over-year. PBF Energy Inc and HF Sinclair Corp also reported substantial profits, marking their best financial performances since 2022 and 2023, respectively. The global fuel market has been strained by refinery closures and geopolitical tensions, particularly the conflict involving Iran and disruptions in Ukraine affecting Russian fuel exports. As demand remains stable, fuel inventories are not replenishing, leading to sustained high prices. Valero’s COO noted that the current margin environment is stronger than in the previous quarter, with expectations of continued elevated prices for jet fuel and diesel. Additionally, US gasoline exports to Latin America are economically favorable, further supporting domestic gasoline prices. Upcoming reports from Phillips 66 and Marathon Petroleum are anticipated to reflect similar trends.