Oil demand is set to surge in the short-term as refining capacity hits a record, yet the gains may not hold as a flood of fuel gluts the market, eroding profit margins and eventually forcing refiners to cut runs and crude orders. Data on Thomson Reuters Eikon shows that available global capacity to refine oil into fuels like gasoline, diesel, or jet and shipping fuel, will reach 101.8 million barrels per day (bpd) in August, the highest on record, and up from about 97.25 million bpd in March. Of this capacity, at least 80 million to 85 million bpd will be utilised over the upcoming northern hemisphere summer months, several refiners and oil traders estimated, triggering strong demand for crude oil as a feedstock, pushing up prices. “A lot of (crude oil) buying for that […]