If U.S. refinery utilization for November 2026 is above
92%, then the market resolves to Yes.
The Underlying is EIA’s monthly “U.S. Percent Utilization of Refinery Operable Capacity” series (MOPUEUS2) for November 2026, expressed as a percentage. The first published monthly figure will be used, including if designated preliminary or estimated. Subsequent revisions will not affect settlement. Weekly figures, four-week averages, and forecasts are excluded.