Shell’s Scotford refinery was the world’s first to exclusively synthesise crude from Alberta’s oil sands
US refining makes a comeback
The sector struggled to offset crushing demand losses in 2020, but recent M&A shows momentum change
Returning demand is welcome news for US refiners. Demand for refined products was hit hard by the pandemic, only to be dealt a further blow in February as Storm Uri caused widespread outages on the US Gulf Coast. However, the outlook is brighter in the short term—even as the energy transition implies more uncertainty longer term. According to the EIA, US refinery runs declined by 2.7mn bl/d—or 18pc—in the week up to 19 February. Over the whole of February, US refinery utilisation was down to 70.8pc—a level not seen since April 2020—from 82.5pc recorded in January 2021. This was also reflected in US refiners’ quarterly results. Phillips 66 and Valero Energy were among those to report first-qu
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
