Strong growth in demand for refined fuels such as gasoline and diesel is helping to rebalance the global oil market, according to most observers. “Recent oil market strength … stems partly from unexpectedly strong oil demand growth,” the International Energy Agency explained in its June monthly oil market report. In the first quarter of 2015, global oil consumption was 1.7 million barrels per day higher than in the prior-year period. “In particular, gasoline prices have found support from robust U.S. demand, leading to a surge in crack spreads,” according to the IEA. But if there is a consensus that demand is rising more quickly than predicted at the start of the year, there is fierce debate about whether growth is being driven by economic recovery, cheaper fuel prices or a combination of the two. And there is a mystery about why the consumption of gasoline is growing more […]