U.S. consumption revised lower while supply at seasonal high Money managers cut bullish crude bets to lowest since March American drivers’ seemingly insatiable thirst for gasoline is running into a flood of supply. Refineries across the nation are operating full-out and imports are pouring into the East Coast, boosting gasoline supplies to a record. At the same time, consumption has turned out to be less robust than thought. That’s weighed on prices, threatening to stem oil’s rebound from a 12-year low. “Earlier this year there was a lot of hope that gasoline would lead crude higher,” said John Kilduff, partner at Again Capital LLC, a New York hedge fund focused on energy. “That’s not turned out to be the case and gasoline will soon be a weight on the market.” The Energy Information Administration said in a monthly report on June 30 that demand in April was 9.21 million […]