US Crude Refining Hits Seven-Year High at 17.4 Million BPD as Brent Settles Near $92

U.S. refiners processed approximately 17.4 million barrels of crude oil per day in the week ending August 14, the highest net input figure since September 2019, according to Energy Information Administration data released Wednesday. Gulf Coast refiners drove the surge. The elevated throughput comes as refining margins remain strong, with the 3-2-1 crack spread near $70 a barrel, a level that signals robust profitability for refining stocks.

Brent crude futures settled at $91.62 per barrel on Wednesday, up 60 cents or 0.66 percent on the day, reflecting firm demand conditions that are keeping both crude prices and refining activity elevated.