Refining margins in the U.S, northwest Europe, and Asia have jumped to two-year highs as diesel and gasoline markets tighten with no sign of immediate relief. Refinery closures in recent years, planned maintenance after the summer, unplanned repairs due to outages, and Ukrainian attacks crippling Russia’s oil product exports have tightened the refined petroleum markets everywhere. Forecasters and traders expect a glut on the crude market to depress further benchmark crude futures going into 2026, but the strength in gasoline and middle…