Refiners are planning to spend the summer increasing jet fuel and diesel production instead of gasoline, traders and analysts said, favoring what have historically been the least profitable parts of the barrel instead of the most profitable. That is unusual and exemplifies the topsy-turvy nature of the global oil markets. Refining crude oil into diesel or jet fuel is currently more profitable than making gasoline due to an inventory squeeze in Europe following sanctions on Russia. Normally, U.S. refiners ramp up gasoline output in the spring and summer to meet driving-season demand, while profitability for distillates like diesel or jet ebbs. However, sanctions on Russian because […]