U.S. refineries are running close to full capacity and cashing in on exceptionally strong refining margins, while Europe continues to lose refining capacity.
American refinery utilisation has remained above 95% for more than 11 consecutive weeks, the longest such stretch in more than 25 years. Disruptions in the Middle East and attacks on Russian refining infrastructure have tightened global fuel supplies, boosting margins and creating highly favourable conditions for U.S. operators.
American refiners are riding the wave.
Across the Atlantic, Europe is heading in the opposite direction. Its refining industry has been shrinking under pressure from high energy and operating costs, ageing facilities, environmental regulation and competition from newer refineries in the Middle East and Asia. Around 500,000 barrels per day of European refining capacity disappeared last year, with further closures expected.
The contrast could hardly be greater: U.S. refiners are running their plants flat out and making money, while Europe continues dismantling its refining base.
Same market. Two very different outcomes.
SOURCE
Reuters — “US refiners face historic stress test as global crisis looms” (24 August 2026)