U.S. gasoline demand recovered to where it was before the pandemic closed much of the country, but it’s still well-below where it usually is in height of the summer driving season. Stockpiles of the fuel declined by the most since mid-March last week, a bullish indicator for the oil market that has been hit by the coronavirus-driven demand collapse. But that comes with a caveat: Refineries are still running at just over 3/4 of their normal utilization rate, when typically they operate at nearly full capacity in the peak of the summer driving season. Gasoline supplied on a four-week average basis, an indicator of demand, has marched up steadily every week since May 1. Still, it remains well-below the five-year average for this time of year. It would be premature to suggest the oil industry is back to […]