Largest US export is oil and fuel. Since we export so much even slight disruptions give BIG OIL an excuse to claim that supplies are tight and must raise prices.....
Gasoline futures for February delivery advanced 5.84 cents, or 2.1 percent, to $2.905 a gallon on the Nymex after increasing to $2.9677, the highest level since Aug. 31.
ConocoPhillips (COP) has scheduled a shutdown of a catalytic cracker at the Bayway refinery in New Jersey, according to a state regulatory filing. In Illinois, the company’s 380,900-barrel-a-day Wood River refinery reported a wet gas compressor tripped offline yesterday.
In Texas, Royal Dutch Shell Plc reported a “temporary upset” at its 340,000-barrel-a-day refinery in Deer Park today.
Two refineries in Pennsylvania have been closed because they weren’t profitable, and Hovensa LLC said last week it will shut the 350,000-barrel-a-day St. Croix refinery in the U.S. Virgin Islands by mid-February.
“The refinery closures are sending gasoline higher, which is helping pulling crude higher as well,” Beutel said. “The prospect of a Greek deal is the primary driver though.”