Home Daily Blitz First Signs of Oil Market Rebalance Are Showing in New York
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First Signs of Oil Market Rebalance Are Showing in New York

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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.

For more visit: Bloomberg.com

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