The gasoline market is painting a picture of tight supplies this summer. The gasoline market is painting a picture of tight supplies this summer — the last thing Joe Biden will want to see as he tries to contain high fuel prices. On the New York Mercantile Exchange, futures contracts for gasoline are in an increasingly bullish structure called backwardation. They show that those who trade the fuel expect a summer of relatively weak supply and strong demand. And that doesn’t bode well for a U.S. president who’s trying to keep fuel costs low. The U.S. typically builds its supplies of gasoline from November through February. Then, they’re drawn back down in spring and the summer driving season. This year, inventories are starting off well below the seasonal norm and there are signs that work on oil refineries could slow the buildup of stockpiles. ExxonMobil Corp.’s Baytown oil refinery, […]