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Petroleum markets in 2Q26 were characterised by continued disruptions to international crude oil and petroleum product flows through the Strait of Hormuz, contributing to higher and more volatile crude oil prices through most of the quarter, the EIA has reported.
US petroleum exports reached a record in April as disruptions to international crude oil and refined product flows through the Strait of Hormuz increased global demand for US exports, the US EIA has reported.
The US Energy Information Administration published its July Short-Term Energy Outlook (STEO), increasing its expectations for global oil production.
US operable atmospheric distillation capacity totalled 18.2 million b/cd on 1 January 2026 – down over 250 000 b/cd (about 1%) compared with 1 January 2025 – according to the EIA's latest annual Refinery Capacity Report.
The US Energy Information Administration has reported that US refineries processing capacity and crude oil stocks have fallen throughout June.
On 28 April 2026, the UAE announced that it was leaving OPEC, effective on 1 May, which has reduced the group's global share of crude oil production and capacity.
Compliance credits for biomass-based diesel and ethanol have doubled in value since the start of 2026. The credits have increased in price, mostly because of higher US biofuel blending targets, the EIA has reported.
The US EIA has its June STEO, reducing its expectation for global oil demand in 2026 due to high fuel prices, reduced fuel availability, and government initiatives curbing oil consumption.
Weekly estimates suggest US jet fuel production has increased to record highs in response to elevated jet fuel prices after the Strait of Hormuz closed on 28 February 2026, the US EIA has reported.
The EIA has reported that the US is a major energy exporter and importer, especially for petroleum as it sets new record total energy exports.
The US EIA has reported that gasoline prices are higher than in February 2026 because of increasing crude oil prices related to the de facto closure of the Strait of Hormuz, at Memorial Day Weekend.
The EIA forecast US industrial natural gas consumption will climb to record highs through 2027 in the latest Short-Term Energy Outlook.