Summer demand for gasoline in the United States has declined over the past two weeks. After nearing $60 per barrel in June, the U.S. 321 gasoline crack spread fell last week to $37.57 per barrel. Rising gasoline inventories in the U.S. and China may discourage refiners to further cut gasoline production. While U.S. refiners are set to post over profit hikes of over 600% for the quarter, and global refiners are also reeling in revenues, the precipitous fall in gasoline prices and consumption over the past two weeks could reverse that going forward. After nearing $60 per barrel in June, the U.S. 321 gasoline crack spread fell last week to $37.57 per barrel, according to Reuters , with the EIA noting that while refinery production increased in June to take advantage of the high crack spread, gasoline demand began to decline in April. Summer demand for gasoline in the […]