NEW YORK (Reuters) – U.S. refiners ran full-tilt in the second quarter, fueled by cheap domestic crude and fat margins that should boost earnings, though their heavy activity could eventually saturate the market with gasoline, sapping profits down the road.U.S. independent refiners, including Phillips 66 and Marathon Petroleum Corp, are expected to announce strong results due to the heavy discounts for U.S. and Canadian crude, along with strong fuel demand and lower costs to comply with the nation’s biofuel laws, analysts said. Strong crack spreads – the margin on turning crude oil into diesel, gasoline and other products – have spurred refiners to keep production high. That margin averaged about $21.07 per barrel in the second quarter, its highest since 2015. (For a graphic on daily […]