U.S. gasoline stocks remain at record levels for the time of year but once they have been adjusted for record fuel consumption by U.S. motorists do not appear excessive. The gasoline glut, which dominated discussions about the outlook for crude and fuel markets during the spring and early summer, quietly evaporated during August and September. U.S. gasoline stockpiles are now just 3.5 million barrels (1.6 percent) higher than at the same point in 2015 according to data from the Energy Information Administration ( tmsnrt.rs/2e1dCXZ ). Back in July, the stockpile surplus over 2015 peaked at more than 25 million barrels (12 percent), triggering talk about the need for voluntary run cuts by U.S. refineries in the second half of the year. In turn, the prospect of lower crude processing rates weighed on oil prices during August and September, helping send prices sharply lower until OPEC reached a surprise production […]