The prospect that U.S. oil refiners might respond to rising stockpiles of refined fuels and weakening margins by cutting the amount of crude they process has roiled oil markets in recent days. There are already more than 500 million barrels of crude in storage at refineries, tank farms, pipelines and oilfields across the United States, an increase of 84 million barrels compared with 12 months ago. In addition, there are another 836 million barrels of refined fuels and intermediate products being stored at refineries, tank farms, pipelines and terminals, an increase of 76 million barrels compared with 2015. Crude stocks are at a record level and product stocks are nearly so, according to weekly reports from the U.S. Energy Information Administration (“Weekly […]