Key East Coast refineries in the path of Hurricane Sandy have shut down, pushing heating oil and gasoline futures higher Monday. Hurricane arrives when stockpiles of gasoline, heating oil, and jet fuel are lower. The area threatened by Sandy is home to eight operating refineries, with a combined processing capacity of nearly a million barrels of oil a day.
Phillips 66 Bayway refinery in Linden, NJ, has been shut down “temporarily”, the company said in a statement. The refinery has capacity to produce 238,000 barrels a day. Phillips 66 has also closed down its three storage terminals in New Jersey and New York, it said.
Philadelphia’s Energy Solutions refinery is operating at reduced rates, as it is the Hess Corp. Port Reading, New Jersey, plant.
PBF Energy’s refinery in Paulsboro, N.J., was also cutting down prKey East Coast refineries in the path of Hurricane Sandy have shut down, pushing heating oil and gasoline futures higher Monday. Hurricane arrives when stockpiles of gasoline, heating oil, and jet fuel are lower.
Analysts estimated that some two-thirds of East Coast refinery capacity has been shut down because of Sandy. The area threatened by Sandy is home to eight operating refineries, with a combined processing capacity of nearly a million barrels of oil a day.
Phillips 66 Bayway refinery in Linden, NJ, has been shut down “emporarily, according to a company statement. The refinery has capacity to produce 238,000 barrels a day. Phillips 66 has also closed down its three storage terminals in New Jersey and New York, it said.
Philadelphia’s Energy Solutions refinery is operating at reduced rates, as it is the Hess Corp. Port Reading, New Jersey, plant.
PBF Energy’s refinery in Paulsboro, N.J., was also cutting down production, also according to media reports.
Most East Coast refineries are along the Delaware River, on the path of storm surges the National Hurricane Center called “life threatening.”
The latest weekly Energy Information Administration report showed gasoline inventories down 3.1% in the latest week compared to the same week in 2011.oduction, also according to media reports.
Most East Coast refineries are along the Delaware River, on the path of storm surges the National Hurricane Center called “life threatening.”
Analysts estimated that some two-thirds of East Coast refinery capacity has been shut down because of Sandy.
The hurricane is also arriving as inventories of gasoline, distillates, and jet fuel are lower than a year ago.
The latest weekly Energy Information Administration report showed gasoline inventories down 3.1% in the latest week compared to the same week in 2011.
