The following is an excerpt from Laura Blewitt | July 14, 2017 | Bloomberg.com |
New York gasoline traders have figured out something the rest of the oil world is dying to know how to do: balance the market.
Mid-Atlantic gasoline supplies are now more than 5 million barrels lower than year-ago levels, an impressive decline considering stockpiles in the region swelled to 42.3 million in February -- the highest level in government records going back to 1990.
“East Coast importers are being much more disciplined in terms of their purchases, mindful of avoiding a replay of the supply glut we saw last summer,” said Matt Smith, ClipperData LLC’s director of commodity research.
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