About 50% of US East Coast Crude Oil refining capacity operating normally
About 50% of US East Coast Crude Oil refining capacity operating normally
HES, DAL, PSX
About 50% of the East Coast Crude Oil refining capacity has returned to normal operations in the wake of Superstorm Sandy, the US Department of Energy said Wednesday.
A report by the department indicated that 2 of the region’s 6 refineries; Philadelphia Energy Solutions’ 335,000 BPD and Delta Airlines Inc. NYSE:DAL 185,000 BPD facility in Trainer, PA are producing at normal rates, totaling 520,000 BPD, 44% of the East Coast’s refining capacity.
Two refineries in Delaware City, Del., and Paulsboro, NJ, owned by PBF Energy Inc. were running at reduced rates. These facilities have a combined capacity of 342,200 BPD. PBF had said Tuesday that the refineries had run well through the storm, and that it was unlikely to provide any additional updates, as it considered details about operations and maintenance to be “business confidential.”
Another two refineries remained shut down; Hess Corp.’s NYSE:HES 70,000 BPD Port Reading, NJ, refinery, and Phillips 66′s NYSE:PSX Linden, NJ, facility, which can process 238,000 BPD of Crude Oil
The status of the East Coast refineries should not really push up gasoline prices. In fact, the Superstorm “may prove to be the biggest demand destruction event” in US history, due to the large quantity of cancelled flights and power outages.
Gasoline futures in New York traded up 1.78% at $2.66 gls. Retail regular gasoline in New York sold for $3.979 gal, same as Tuesday and slightly lower than $4.050 a week ago.
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Linda Johnson,
Business Development Director – Private Client Group,
Sales@Heffcap.com
Singapore
3 Raffles Place #07-01
Bharat Building Singapore 048617
Tel: +65 6329 6408
Fax: +65 6329 9699
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