Goldman Sachs Sees Strong Refining Profits Through 2026 Amid Fuel Supply Crunch

Tighter petroleum product supply resulting from the Strait of Hormuz crisis will keep refining margins significantly higher throughout 2026, Goldman Sachs has forecast, with diesel margins especially elevated, Reuters reported.

The war in the Middle East has pushed refiners’ margins two to three times higher than the average for the period from 2013 to 2019, the investment bank’s commodity analysts said in a note this week.

Diesel margins specifically are seen at between $19 and $26 per barrel higher than they were before March.

“We…