Global refinery inputs fell sharply in the second quarter of 2026 before modest recovery
Global crude oil refinery inputs fell by 4.8 million barrels per day (b/d) in the second quarter of 2026 (2Q26), or 6%, following the start of conflict in late February in the Middle East, according to data from Kpler. Throughput then increased by 1.8 million b/d in the third qua
What it means
- What to watch: The headline zeroes in on a 6% drop — a single number that hints at a bigger story. But without context, it's just a snapshot, not a trend.
- Timing: It landed outside regular trading hours, so the next session is the first that could fully react.
The bigger picture
Energy and commodities are all about the balance between supply and demand — production, storage, shipping, and weather — plus the dollar, which influences everything. Without a company named, the market's reaction in indexes, yields, and the dollar tells the real story.
Coming up
Monthly options expiration in 17 days and FOMC decision in 36 days. These were on the calendar before this story and are not caused by it.
What to watch next
With no company named, the backdrop above is the thread to pull, and the Markets page shows how the indexes are taking it. If it touches a company you follow, that company's page carries the prices and coverage this one cannot. Comparing how two or three outlets frame the same story is the fastest way to separate the facts from the angle. Wook AI, up top, can look up any company the story touches and pull its live figures — no tab-hopping required.
How this analysis was made
EIA published it, and Wook filed it under Energy & Commodities. It reads bullish at medium severity because of “recovery” in the wording, with nothing on the bearish side to offset it. No company could be matched, so there are no prices beside it — common for policy and macro stories, which move markets through rates, currencies and sentiment rather than one balance sheet. It carried 6%, shown as published and not recalculated. The preview above is the publisher's own wording.
The tone and severity labels come from a fixed word list — no editor, no AI, no crystal ball — so they describe how a story is worded, not what happens next. They are not a forecast or a recommendation, and a same-day move does not mean this story caused it. Not investment advice.
Discussion
No one has weighed in yet. Start the discussion on this story.