First signs of oil market rebalance showing in NY

Houston

NEW York petrol traders have figured out something the rest of the oil world is dying to know how to do: balance the market. Mid-Atlantic petrol supplies are now more than five 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.