U.S. oil majors set for strongest quarterly profits since 2022 as Trump pushes for lower pump prices before November midterms
AI Market Summary
U.S. majors are set for their strongest profits since 2022, driven by sharply wider gasoline and diesel crack spreads despite softer crude. Elevated pump prices and White House pressure, including potential DOJ scrutiny of "gouging" and administrative action, raise headline and regulatory risk for refiners and the broader energy complex. Near-term focus shifts to refinery margins, inventories, and policy constraints rather than crude alone.
Impact level
● Medium
Affected assets
NCCO1OILWTI2USD/USDT+0.98%
AI Insight · NCCO1OILWTI2USD/USDTAI Insight
● Neutral
Trade now
⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
U.S. oil majors are expected to post their strongest second-quarter earnings since 2022, with Exxon Mobil projected to report $15.9 billion in adjusted net income and Chevron about $9.9 billion. Refining margins are a key driver, with gasoline crack spreads averaging $25 a barrel, up $16 from the prior quarter, while diesel crack spreads rose to $45 a barrel. Even as crude prices have eased, U.S. retail gasoline prices remain about 22% higher than before the war, prompting the Trump administration to press for cuts and warn of a possible probe into price gouging. Industry groups say tight inventories and regulatory costs shape pump prices, and that crude is only one component.
