Refineries Near Full Capacity, Fuel Stocks Still Below Five-Year Norms

U.S. refineries ran at 96.1% capacity the week ending July 17, 2026 — processing 17.1 million barrels daily, per EIA data. Yet gasoline inventories sat 7% below the five-year average and distillates (diesel and heating oil) 10% below, even amid peak summer driving demand. Refiners are maxed out. The fuels consumers rely on most remain structurally tight.