U.S. refineries ran at unseasonably high levels in the second quarter of 2026, processing the most crude oil for that quarter since 2019, a year when the country's refining capacity stood about 4 percent higher than it does today, according to the U.S. Energy Information Administration. The heavy runs reflect refiners stretching a smaller capacity base to meet strong demand for transportation fuels after disruptions to international petroleum flows through the Strait of Hormuz tightened global supply.

Refinery margins climbed sharply as a result. The quarterly average crack spread for motor gasoline rose 60 percent from the year earlier level, while the crack spreads for distillate and jet fuel each more than doubled compared with a year earlier, according to EIA data drawn from New York Harbor spot prices. U.S. commercial crude oil inventories fell to their lowest seasonal level since 2014 as record crude oil exports and high refinery runs drew down stocks faster than they could be replenished.

Export demand added further pressure on domestic supply. Distillate exports averaged 1.56 million barrels a day during the quarter, 30 percent above the five year average, while jet fuel exports averaged 356,000 barrels a day, more than double the five year average, as international buyers sought replacement volumes. Refiners responded by shifting yields toward jet fuel, which was produced 24 percent above its five year average, while distillate production ran 5 percent above average and gasoline production only 1 percent above average.

Source: EIA - https://www.eia.gov/todayinenergy/detail.php?id=67865