The U.S. gasoline surplus has disappeared thanks to a sharp drop in prices which has caused imports from Europe to slow and exports to Latin America and other markets to accelerate since the start of June. U.S. refineries are processing record volumes of crude while domestic gasoline consumption appears to be holding steady at the same level as 2016 which threatened to flood the market with excess fuel. But low domestic gasoline prices at the start of the summer driving season have encouraged the diversion of tanker shipments from Europe and incentivized U.S. refiners to boost their own exports. The United States was a small net exporter of gasoline in the four weeks to July 14, compared with net imports of 450,000 barrels per day (bpd) at […]