Lloyd’s List: US Summer Driving Season Fails to Absorb Large Stocks of Gasoline

“Despite US gasoline demand showing growth in August, increased consumption has not been able to absorb high stockpiles of the petroleum product.Subsequently, tanker owners hoping for a rise in crude oil and petroleum product imports into the US to offset the increased demand may be left disappointed….’With the presumed peak of gasoline demand during the summer driving season mostly behind them, refiners often choose to close for maintenance near the end of the summer,’ Poten & Partners wrote in its latest online tanker note. The New York-based broker reported that refinery utilisation reached a three year high of 91.5% in July, but had fallen back to 87.7% in the week ending August 20.”