Oil prices have rallied more than 6 percent since last week, which has largely been attributed to growing confidence in a six-month extension from OPEC combined with a temporary outage in Libya and slightly better numbers from the EIA regarding refined product inventories. It still seems that the oil market is woefully oversupplied, but there are growing bits of evidence that when stitched together, start to resemble a market on the mend. For example, the Financial Times reported that seaborne oil tanker traffic is down this year by 16 percent, a sign that the OPEC cuts are showing up at sea. Not all oil is traded at sea, obviously – some is shipped via pipeline or moved directly from the wellhead to refineries, processing facilities or storage. But such a drop off in the volume of oil moved at sea suggests that the supply cuts are being felt in […]