U.S. gasoline stockpiles remain at record highs for the time of year but excess inventory is smaller than it appears once adjusted for the higher level of domestic consumption and exports. Stocks of gasoline and blending components stood at 232 million barrels near the end of August, down from a high of 259 million in February but well above the 214 million reported at the same point in 2015. Persistently high levels of gasoline inventories have led many analysts to warn about a “gasoline glut” that could force significant cutbacks in refinery crude demand in the autumn weighing on oil prices ( tmsnrt.rs/2c95iIO ). But stockpiles look more reasonable when compared with the record level of gasoline consumption at home and strong exports to Mexico and the rest of Latin America. Gasoline stockpiles exhibit strong seasonality […]