Refiners have been riding a wave of favorable pricing and demand as pandemic-era closings boosted margins.

Alternating periods of higher demand for products have also helped, with jet fuel recently sprinting higher as diesel fell off.

San Antonio, Texas-based Valero said its refining margins for the January-March quarter climbed to $5.9 billion from $3.2 billion in year-ago quarter.

The company reported adjusted net income of $8.27 per share for the three months ended March 31, compared with analysts' average estimate of $7.23 per share.

(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)