From the Wall Street Journal, they report:

  • Refineries in the U.S. Midwest ... are "swimming in gasoline and other fuel, forcing them to cut back production until the excess can be worked off"
  • Refiners in the Department of Energy's Midwest region, which stretches from North Dakota to Ohio and south to Oklahoma and Tennessee, ran at 92.9% of capacity last week, down from 98.2% a month ago.
  • That drop is significant because it marks the first time several refineries in the region have opted to reduce activity for economic reasons - a marked change after more than a year of refiners processing as much crude as possible

The Journal article is here, but may be gated: The Big New Threat to Oil Prices: A Glut of Gasoline