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Record U.S. refinery runs fail to close global fuel shortage

U.S. refineries produced an average 17 million barrels of fuels last week, but global supplies are still tight and crude-product crack spreads have hit record highs.

Reported · Written up by our desk · Energy

OilPrice reports that U.S. refineries are running at record levels, producing the most gasoline and diesel since before the pandemic lockdowns, with refining margins at record highs.

The outlet adds that the world remains short on fuel supplies, and notes that fuel shortages matter more than crude shortages because it is refined products that consumers use.

According to the Energy Information Administration data cited by OilPrice, U.S. refineries churned out an average of 17 million barrels of fuels last week, the highest since September 2019, as refiners benefited from record-high crack spreads.

OilPrice says record U.S. refinery runs and exports are still not enough to fill the gap, and it warns that doing so could further lower U.S. crude oil stocks, which are already described as uncomfortably low.

Latest closeWTI crude $84.41 ▲6.5%|Gasoline (RBOB) $3.215 ▼3.6%

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