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Oil Rally Threatened as Gasoline Supply Surge Swamps U.S. Demand

  • U.S. consumption revised lower while supply at seasonal high
  • Money managers cut bullish crude bets to lowest since March
Williston, North Dakota.
Photographer: Andrew Burton/Getty Images
Updated on

American drivers’ seemingly insatiable thirst for gasoline is running into a flood of supply.

Refineries across the nation are operating full-out and imports are pouring into the East Coast, boosting gasoline supplies to a record. At the same time, consumption has turned out to be less robust than thought. That’s weighed on prices, threatening to stem oil’s rebound from a 12-year low.