Record-high refinery utilization in the US reflects tightening global fuel markets amid geopolitical disruptions and rising exports.
US refineries operated at 96.2% of capacity in the week ending July 17, up from 94.7% a year earlier. The increase comes as American fuel exports reach record levels, driven by supply constraints worldwide following the Iran conflict and the closure of the Strait of Hormuz.
The Midwest and Rocky Mountains regions led the surge, though nationwide averages remained just above 96%. Prior-year utilization had already been elevated, but recent geopolitical tensions have accelerated demand for US refined products.
Tighter global fuel markets are expected to keep refining margins under pressure, with potential implications for gasoline and diesel prices in the near term.