Energy refining margins, not oil prices, drive profits amid 2026 geopolitical tensions, echoing late 2022 trends.

Steven Cress highlights that the current energy market in 2026 resembles the late 2022 scenario where refining margins, rather than oil prices, became the main profit driver. Companies in oil and gas refining and marketing are well-positioned to benefit from higher gas and diesel prices due to tighter refining capacity and strong demand. Despite ongoing risks, lessons from 2022 suggest continued high fuel prices and investment opportunities in select energy stocks. This insight is based on Cress's extensive experience in quantitative strategies and market analysis.