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US refiners boost jet fuel to near record levels
US refiners boost jet fuel to near record levels
Houston, 21 May (Argus) — US refiners are pumping out jet fuel at a near-record pace as global demand surges because of Iran-war related supply disruptions. US jet fuel output has reached above 2mn b/d in recent weeks , as refiners have added capacity and maximized yields, according to Energy Information Administration (EIA) estimates. The output is nearing the record weekly high of about 2.1mn bl set in July 2024. Jet fuel production has increased by nearly 290,000 b/d since the start of the US-Israel war on Iran on 28 February, the EIA data show. The conflict has choked off oil and products supply through the strait of Hormuz and damaged energy infrastructure, causing soaring fuel prices. US refiners expect high margins to continue at least through the end of 2026. Independent refiner Marathon Petroleum increased jet fuel capacity by 30,000 b/d at its 606,000 b/d Garyville refinery in Louisiana in March and plans to boost jet fuel capacity at its 253,000 b/d Robinson refinery in Illinois by 10,000 b/d in the third quarter. US refiner Valero has also maximized jet production in its system, increasing yields to more than 30pc of total distillates in March, up from an average of 26pc, chief operating officer Gary Simmons said on a first quarter earnings call. Valero plans to push two more refineries into "jet production mode" to increase yields even further, he said. Refiner HF Sinclair put into service a project that allows it to swing about 7,000 b/d between diesel and jet fuel at its 145,000 b/d Puget Sound refinery in Anacortes, Washington. The project is helping to supply the US west coast and Latin America, HF Sinclair said. The jet fuel production boost is not limited to the US. Canadian integrated energy company Suncor in December started producing jet fuel at its 137,000 b/d Montreal refinery in Quebec, with the potential to grow it up to 16,000 b/d. The original plan was to sell it domestically into airports in Montreal and Ottawa, but then the company saw the "unique market blowout" in the first quarter which continued into the second quarter "where jet fuel became short in certain markets", executive vice president of downstream Dave Oldreive said in a first quarter earnings call. Suncor earlier this month sold jet fuel into Rotterdam in the Netherlands, he said. Europe has sought replacement supplies following the strait of Hormuz disruptions. Jet fuel prices in the US climbed to record highs in March and early April following the start of the war. At the US Gulf coast, jet fuel prices reached an all-time high of $4.73/USG on 2 April, the highest price since Argus launched its assessment in 1994. Overall US jet fuel prices are expected to average $3.33/USG in 2026, the EIA said in its latest monthly Short-Term Energy Outlook (STEO) on 12 May. That forecast is up by 74pc from the EIA's estimate before the war. Airlines pay the price Jet fuel costs for all US airlines in March averaged $3.13/USG, up by 30pc from the same month in 2025, according to Bureau of Transportation Statistics data released on 6 May. Some airlines are limiting capacity because of the higher prices. United Airlines plans to reduce its flight capacity by five percentage points in 2026 as its first quarter jet fuel costs averaged $2.78/USG, up by nearly 10pc from the first quarter of 2025. Delta Air Lines expects its jet fuel costs to roughly double in the second quarter and will keep capacity flat year-over-year "until the fuel environment improves," chief executive Ed Bastian said on a first quarter earnings call last month. Another large US carrier, American Airlines, expects its jet fuel costs to increase by $4bn in 2026 compared to previous plans. One beleaguered US airline said it could not survive the rising prices. US low-cost carrier Spirit Airlines permanently shuttered its operations on 2 May, citing higher jet fuel costs, after filing for bankruptcy protection twice since 2024. By Eunice Bridges and Hunter Fite Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US boards Iranian tanker while others get through
US boards Iranian tanker while others get through
New York, 20 May (Argus) — US forces boarded a small Iranian oil tanker today that appeared to be attempting to violate the US blockade of Iranian ports, but other larger vessels appear to be successfully evading the blockade. The Celestial Sea , a short-sea tanker that can hold around 75,000 bl of crude, was boarded by US forces in the Gulf of Oman on Wednesday based on suspicion that it was trying to violate the blockade and head for an Iranian port. "American forces released the vessel after searching and directing the ship's crew to alter course," the US Central Command (CENTCOM) said in a post on X. US president Donald Trump's administration has been adamant that the US imposed blockade — aimed at damaging the Iranian economy by constraining crude exports and production — is a success. Treasury secretary Scott Bessent said earlier this month the blockade that started on 13 April was preventing empty tankers from entering Iranian waters to serve as floating oil storage for domestic production overflowing from onshore storage sites. But the blockade, which is meant to increase US leverage in peace negotiations, does not appear to be stopping all ships, according to tracking data. CENTCOM says 91 commercial vessels have been redirected since the start of the blockade, but it has not released data on the number of ships that may have evaded the effort. Vessel tracking data from Vortexa show 111 oil tankers and gas carriers have circumvented the US blockade since its start, with only nine reported interdictions by US forces. In the past week alone, four empty oil tankers have returned to Iranian waters in violation of the blockade, with a combined carrying capacity of around 1mn bl of oil, Vortexa data shows. The tanker US forces did stop Wednesday is much smaller than the larger vessels that have managed to get through the blockade in recent weeks, according to vessel tracking firm TankerTrackers, carrying about one-tenth the volume of the larger ships. The blockade has hurt Iranian exports, but crude loading activity continues with ballast vessels able to make it through the blockade . By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Adnoc CEO sees long road back from war disruption
Adnoc CEO sees long road back from war disruption
London, 20 May (Argus) — The disruptions to energy supplies caused by the US-Israel war with Iran may not fully resolve until the middle of 2027, even if the conflict ends soon, Abu Dhabi state-owned Adnoc's chief executive Sultan al-Jaber has said. "Even if this conflict ends tomorrow, it will take at least four months to get back to 80pc of pre-conflict flows and full flows will not return before the first or even second quarter of 2027," al-Jaber told an Atlantic Council event. For the UAE's operations, he said damage and costs are still being assessed. "The time it will take to get back to full operational capacity… is case by case," he said. "Some will take several weeks and some will take several months." The UAE has borne the brunt of Iranian attacks in the 2½ months since the US and Israel began the war, with al-Jaber acknowledging today damage to Adnoc infrastructure and facilities. Iran has also effectively closed the strait of Hormuz, leading the UAE to seek alternative routes to market for its energy products. Al-Jaber said a new crude pipeline to the port of Fujairah, outside Hormuz, is "more than 50pc complete". "Energy security is no longer about your ability to continue to produce," al-Jaber said today. "It is about routes, storage and redundancy. Too much of the world's energy still moves through too few chokepoints." He said if Iran manages to retain control of Hormuz, "then freedom of navigation is finished". "If we don't defend this principle today, we will spend the next decade defending against the consequences," he said. Al-Jaber also called for the energy sector to address "underinvestment". "Upstream investment is around $400bn a year, which barely offset natural decline rates; global spare capacity is around 3mn b/d, it should be closer to 5mn b/d," he said. "We have 30-35 days of effective cover [in inventory] we need to at least double that." He reiterated that the UAE's recent decision to quit Opec was driven by a desire for greater flexibility . "We didn't move away from something, we moved towards something," he said. "We're moving toward a world that needs more energy, with demand for oil staying way above 100mn bl into 2040s, the world needs more of what the UAE produces." By Ben Winkley Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran warns new US-Israeli strikes will broaden war
Iran warns new US-Israeli strikes will broaden war
Dubai, 20 May (Argus) — Iran's Islamic Revolutionary Guard Corps (IRGC) warned on Wednesday that any renewed US or Israeli strikes on the country would lead to a broadening of the war beyond the Mideast Gulf region. "If the aggression against Iran is repeated, the regional war that was promised will extend beyond the region this time, and our crushing blows will land you… in places you cannot imagine," the IRGC said. The threat comes in response to incendiary rhetoric aimed at Iran's leadership, even as diplomacy has been taking place since a ceasefire was agreed in early April. US president Donald Trump said on Monday that "serious negotiations are now taking place" but warned Tehran, again, that "the clock is ticking" and that Iran had "better get moving, FAST, or there won't be anything left of them." Trump also said he was ready to carry out a new attack on Iran on Tuesday, but decided to postpone it after an intervention from the leaders of Qatar, Saudi Arabia and the UAE. Around six weeks of intense US and Israeli bombing targeting key officials, facilities and infrastructure linked to Iran's leadership, military and energy caused significant damage, but largely failed to weaken the regime's grip on power. The strikes also prompted Tehran and the Iranian armed forces to effectively close the strait of Hormuz, which has dramatically disrupted the movement of commercial vessels through the key waterway ꟷ including crude, oil products and LNG tankers. This in turn forced several Mideast Gulf countries that depended heavily on the strait to export oil and LNG to shut-in meaningful amounts of production, putting upward pressure on commodity prices. Front-month Ice Brent futures are hovering above $110/bl, more than 50pc up from before the US and Israel launched their initial salvo on Iran on 28 February. These new threats show Washington and Tel Aviv "have not learned from the major and strategic defeats" of the past few weeks, the IRGC said, warning that Iranian retaliation for any new strikes would be more widespread and more intense. While the US and Israel "attacked us with all their capabilities [in the initial phase of the war]… we did not use all of our capabilities," the IRGC said. Trump said on Tuesday he had put off a "major attack for a little while… hopefully forever," after the Mideast Gulf leaders told him they felt "they are very close to making a deal [with Iran]." "If we can do that where there is no nuclear weapon going into the hands of Iran, and if [the Mideast Gulf countries] are satisfied, we will probably be satisfied also," Trump said. Iranian state broadcaster IRIB said on Wednesday that Pakistan's interior minister had arrived in Tehran for talks with unnamed Iranian officials. Pakistan has been acting as the primary mediator between Iran and the US, and hosted a first round of talks between the sides in Islamabad in April. By Nader Itayim Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
