U.S. gasoline stocks remain stubbornly high despite record demand from motorists, a situation that will probably force refiners to cut crude processing over the next few months and prioritize production of diesel. The prospect of reduced refinery processing rates has intensified the downward pressure on crude oil prices in recent days. U.S. gasoline stockpiles have been running above last year’s level since January but the year-on-year build-up has increased rather than lessened as the summer driving season arrived ( tmsnrt.rs/29jUrGi ). Gasoline stockpiles hit a seasonal record 239 million barrels on June 24, an increase of 22 million barrels (10 percent) compared with the previous year, according to data from the U.S. Energy Information Administration. The year-on-year stock build […]