<p>➀ SK Innovation and S-Oil are projected to report profits in Q3 (revenue: ~$15B and ~$6.3B, operating profit: ~$173M and ~$195M respectively) after losses in the first half due to improved refining margins;</p><p>➁ Refining margins surged to $13 per barrel (up from below $5), driven by global supply cuts, winter fuel demand, and stabilized U.S.-China trade tensions;</p><p>➂ Despite short-term optimism, long-term challenges like geopolitical risks, oil price volatility (~$63-$70/barrel), and potential oversupply raise concerns for sustained recovery.</p>