Gasoline refining margins in northwest Europe slipped on Wednesday as markets eased on news of the expected restart of the Colonial pipeline at the end of the week following a fatal blast on Monday. Several cargoes have been booked in recent days out of Europe on the transatlantic route as the Colonial blast cut the US East Coast from a major supply source.
A small fire continued to burn at the site of the Colonial explosion in dense forest 12 miles (19 km) south of Helena, Alabama, a Colonial said on Wednesday. Total has cut gasoline production at its 225,500 bpd Port Arthur, Texas, refinery due to the outage, sources familiar with operations said on Wednesday. Meanwhile cash gasoline markets in New York began to rebalance on expectations Colonial will restart by Saturday. F5 gasoline for prompt delivery in New York traded at 3.50 cpg above Nymex RBOB RBc1, down 7 cents from Tuesday. Imperial Oil reported a fire and hydrogen sulfide release at its 121,000 bpd Sarnia, Ontario facility, according to a message on an alerting system late Tuesday.
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