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Reuters: Valero buying gasoline on east coast after Wales refinery outage

Published 11/02/2017, 06:21 PM
© Reuters.  Reuters: Valero buying gasoline on east coast after Wales refinery outage
VLO
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UGA
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  • Valero Energy (NYSE:VLO) was buying gasoline cargoes for spot delivery in the U.S. east coast, rather than for the usual New York Harbor market, after an outage at its 270K bbl/day Pembroke refinery in Wales earlier this week, Reuters reports, citing two trade sources.
  • Gasoline prices in the New York Harbor have surged and traded $0.06/gallon above benchmark futures for December delivery on the NYMEX today, according to the report; the U.S. gasoline crack spread continues to surge above five-year highs seasonally, rising as much as 7.7% to $20.27/bbl today after ending the session at ~$19.79.
  • Pembroke's 90K bbl/day fluid catalytic converter is said to have been shut unexpectedly earlier this week, although it is not clear what caused the shutdown or when the unit would be restarted.
  • ETFs: UGA
  • Now read: DivGro Pulse: September 2017


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