High refining margins and fuel demand in the second quarter are set to lead to exceptional earnings at Big Oil’s refining businesses. Some of the largest international oil majors have already announced expectations of blockbuster earnings from their refining divisions when they report Q2 profits later this month. The latest company to preview blockbuster earnings in refining was France’s supermajor TotalEnergies, which said on Friday that “Refining & Chemicals results are expected to be exceptional given the very high levels of distillate and gasoline cracks.” TotalEnergies’ variable cost margin across its European refining business jumped to $145.70 per ton in the second quarter, more than three times the $46.3 per ton margin for the first quarter of this year. “Performance of the gas, LNG and power trading activities is expected to remain high, but without replicating the exceptional contribution of the first quarter of 2022,” TotalEnergies added. Shell also […]