Refinery utilization nears all-time highs as Middle East and Russian capacity constraints tighten global fuel supplies despite lower crude prices.
U.S. refiners are capitalizing on a deepening global fuel shortage, operating at or near record utilization rates despite Brent crude falling to $90 from a wartime peak of $126. The gap in refined products has widened as Middle Eastern refineries remain constrained and Ukrainian attacks push Russian processing to a 20-year low.
Global refinery throughput in July was nearly 5 million barrels per day below year-earlier levels, according to data. U.S. refiners have increased exports to fill the void, boosting margins and earnings during the current reporting season.
The supply crunch persists even as crude prices retreat, highlighting structural disruptions in refining capacity rather than raw material costs.