The US downstream system running in max-output mode in Oil & Companies News 21/05/2026 US downstream operations are running at full throttle, with utilisation at multi-year highs as global markets scramble for refined products and the US increasingly acts as the key marginal supplier. Strong refining margins and lighter maintenance schedules have supported elevated throughput, while run cuts across the East of Suez have increased reliance on Atlantic Basin refiners. Refined product exports have surged to record levels, tightening domestic balances and pushing major product stocks to five-year lows. US downstream operations are running in full max-output mode, with refinery utilisation at multi-year highs, refiners maximising distillate yields, and refined product exports reaching record levels amid tightening global product balances. Refinery utilisation has climbed to near-record seasonal highs, with the latest EIA weekly data showing utilisation averaging close to 93% in the first week of May, around 4 percentage points above seasonal averages despite a modest uptick in unplanned maintenance activity. We expect refinery runs to remain above 16.5 Mbd during May, with Q2–Q3 averages projected around 16.5–16.7 Mbd, supported by lighter turnaround schedules and relatively stable operating conditions. Although some unplanned outages have emerged since April, disruptions have largely remained within historical operating ranges and have not materially impacted overall throughput. Reduced spare refining capacity across the Atlantic Basin has tightened the system following refinery closures across Europe and parts of the US in recent years. At the same time, refinery run cuts across the East of Suez have increased reliance on Atlantic Basin refiners to maximise available capacity. The US, alongside Nigeria’s Dangote refinery, has therefore emerged as a key balancing hub for global product markets. However, prolonged high utilisation is also increasing operational strai