In 2026, U.S. refineries have been operating at higher-than-normal rates, with utilization averaging over 95% of capacity from May to September, marking the highest levels for those months since 1998. This surge is attributed to tight global product supplies, particularly for diesel, which has increased margins and incentivized higher run rates. Despite the high utilization, total U.S. refinery output is only the highest since 2019 due to a 4% decrease in refining capacity since then. As of early October, refinery utilization has decreased but remains above the five-year seasonal average.