U.S. gasoline demand is weakening, prompting refineries to additionally cut capacity utilization and crude processing in a sign that resurging coronavirus cases are derailing fuel demand recovery. According to this week’s petroleum inventory report from the EIA, gasoline stocks in the United States increased by 1.9 million barrels for the week to October 16. Gasoline production last week averaged 8.9 million bpd, compared with 9.2 million bpd a week earlier. U.S. refinery runs averaged 13 million barrels daily , compared with 13.6 million bpd a week earlier, operating at 72.9 percent of capacity, versus 75.1 percent of capacity during the previous week. The level of gasoline supplied in the U.S. has now declined to 9 percent below the previous five-year average, compared to 4 percent below the five-year average at the beginning of October, according to estimates from Reuters columnist John Kemp . The lower gasoline production and the […]