Refining Margins Squeezed as Tepid Demand Casts Shadow Over U.S. Gasoline Market

Surging U.S. gasoline production and tepid demand early into the driving season have boosted American gasoline stocks in recent weeks, weighing on refining margins and oil market sentiment. Weaker gasoline demand compared to last year, a well-supplied market with refineries boosting output after spring maintenance, and the recent slide in oil prices have helped lower U.S. gasoline prices at the start of the summer driving season. This is good news for American consumers and the sitting U.S. president seeking re-election in November.  However,…