High Tanker Costs Slow Heavy Crude Exports as U.S. Refiners Near Capacity

Heavy crude is building up across the Americas as steep tanker bills constrain exports and U.S. refineries operating at 93.5% of capacity have little room to process more. Buyers in Asia and Europe are facing shortages of heavy grades. The freight bill for an Americas-to-Asia crude shipment topped $80 million (about $40 a barrel) in the week leading up to Oct. 12. That compared with roughly $10 million to $15 million near the start of 2026. One estimate put a supertanker trip linking the U.S. Gulf Coast with Europe at $46 million, equivalent to $24.50 per barrel with transfers and related charges included. Before the war began in late February, the estimate for that route was $6.5 million, or about $4 per barrel.

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