U.S. gasoline demand has rebounded to nearly pre-pandemic levels, but after a horrendous 2020, American refiners are looking to cut costs wherever and whenever possible in light of the still-sluggish fuel demand recovery in some key export markets for U.S. refined petroleum products. U.S. refiners have shunned hiring tankers for long periods under the so-called time charter contracts to minimize expenses at a time when the demand picture outside the United States is still a risky unknown. “The last thing you need is to get stuck with several millions of dollars worth of unused vessels for the year. We have had several cases of that,” a U.S. refining executive told Reuters . The product tanker market, as well as the crude oil tanker market, have struggled in recent months, with a wobbling recovery in fuel demand in Europe where lockdowns continue, and with OPEC+ deciding to keep withholding in […]