News Provided by Wall Street Investor on behalf of Sky Quarry Inc. WOODS CROSS, Utah , Oct. 23, 2026 (GLOBE NEWSWIRE) -- Wall Street Investor News Commentary - Diesel is where the U.S . fuel market is tightest. The average U.S . on-highway diesel price reached $6.276 a gallon on October 19 , up $2.656 from a year earlier, according to the U.S. Energy Information Administration , and in its October Short-Term Energy Outlook the agency said it expects U.S . distillate fuel inventories to remain below the 2021–2025 average throughout the forecast period, keeping diesel crack spreads elevated and retail prices above $4 per gallon through 2027. For refiners, that spread between the cost of crude and the price of finished fuel is where the money is made, and it is drawing attention to plants of every size, from coastal giants to a single refinery in eastern Nevada . Companies mentioned in today’s commentary include: Sky Quarry Inc. (NASDAQ: SKYQ), PBF Energy Inc. (NYSE: PBF), CVR Energy, Inc. (NYSE: CVI), Calumet, Inc. (NASDAQ: CLMT), Marathon Petroleum Corporation (NYSE: MPC). A Global Squeeze Reaches the Rack The pressure on diesel is global. In its October Oil Market Report, the International Energy Agency said that while global diesel prices have eased from all-time highs of more than $200 a barrel reached in September, benchmarks remain nearly double the price of crude oil and their pre-crisis levels. The IEA said continued disruptions to Middle East exports, compounded by lower supply from Russia and some Asian countries, cut global diesel and gasoil availability by 1.7 million barrels per day in the third quarter compared with a year earlier. The EIA expects some relief, but not a quick return to normal. “Although we expect crack spreads will decrease, we forecast they will remain high relative to historical averages,” the agency wrote in its October outlook. It also reported that East Coast distillate fuel inventories fell 32% below their five-year seasonal average in September. That backdrop showed up in second-quarter results across the industry, with several refiners reporting crack spreads and margins roughly double their year-earlier levels. Third-quarter results are due over the next three weeks, and one small refiner in the Intermountain West is now moving into the market with its own production. Production Underway at Eagle Springs Sky Quarry Inc. (NASDAQ: SKYQ), an energy infrastructure company focused on domestic refining and resource development, announced on October 21 that refined petroleum production is underway at its Eagle Springs Refinery near Ely, Nevada . Operated by wholly owned subsidiary Foreland Refining Corporation , Eagle Springs is Nevada’s only crude oil refinery, with a stated nameplate processing capacity of approximately 5,000 barrels of crude oil per day, and it produces diesel and distillate fuels, vacuum gas oil, naphtha and liquid paving asphalt. Production follows the Company’s receipt of its Nevada air permit in September, completion of refinery repairs and upgrades, and a successful restart. “Moving from a refinery restart to actual petroleum production is a tremendous milestone for Sky Quarry and our shareholders,” said Marcus Laun , Chief Executive Officer of Sky Quarry . “The plant is operating as expected. We are excited by the support we are getting from our community of suppliers and customers.” Sky Quarry calculated that Salt Lake City diesel rack prices indicated a crack spread of approximately $133 to $136 per barrel on October 21 , compared with approximately $33 per barrel in January. The Company describes that range as a regional pricing indicator calculated from market benchmarks, and notes that its actual refining margins will reflect its own feedstock acquisition costs, transportation, operating expenses, product yields and realized sales prices. With production underway, Sky Quarry said it is focused on increasing throughput, expanding product sales and generating operating cash flow. The Company intends to increase throughput progressively while strengthening operating reliability, securing additional crude supplies, optimizing product yields and expanding commercial sales arrangements, and it is evaluating opportunities to broaden its crude sourcing network, including potential future integration with its PR Spring resource development operations in Utah . CONTINUED... Read this and more news for Sky Quarry Inc. at: wsi.news How the Larger Refiners Are Positioned PBF Energy Inc. (NYSE: PBF) reported second-quarter 2026 net income attributable to PBF Energy Inc. of $906.4 million , or $7.54 per share, on throughput of 887.3 thousand barrels per day. Its Dated Brent (NYH) 2-1-1 crack averaged $43.48 per barrel in the quarter, compared with $22.24 a year earlier. PBF will release third-quarter results on October 29 . “The underlying fundamentals for refining remain incredibly strong with tight global supply and demand balances,” said Matt Lucey , PBF’s P