Tight product supplies lift US summer refinery utilization to highest level since 1998
Oil & Gas Journal · Conglin Xu ·
Despite elevated utilization, total US refinery output reached only its highest level since 2019. US refining capacity has declined 4% since then, limiting the output gains available...
US refinery utilization averaged more than 95% during May–September 2026, the highest for those months since 1998, as tight global product supplies, particularly for diesel, strengthened margins, and demand for US exports, according to the US Energy Information Administration (EIA).
The strong operating rates coincided with a widening profitability gap between US refiners and those in Europe and Asia. In its October Oil Market Report, the International Energy Agency (IEA) said relatively inexpensive crude supplies helped US refiners achieve record margins in September, while rising feedstock and freight costs squeezed competitors overseas.
Despite elevated utilization, total US refinery output reached only its highest level since 2019. US refining capacity has declined 4% since then, limiting the output gains available from higher operating rates, EIA said.
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