First Signs of Oil Market Rebalance Are Showing in New York
- Unruly Atlantic gasoline glut is being tamed this summer
- Slowing imports from Europe have helped to ease oversupply
Oil Analyst Sees Potential for a Decline to $38
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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.