Monday, January 7, 2013

Oil up as U.S. refineries restart after huge storm | Redux

Oil up as U.S. refineries restart after huge storm

Grangemouth Refinery
Grangemouth Refinery by rmlowe
License (according to Flickr): Attribution License
Excerpt:

Benchmark oil for December delivery rose 8 cents at midday Bangkok time to $86. 32 in electronic trading on the New York Mercantile Exchange. The contract rose 56 cents to finish at $86. 24 per barrel in New York. Nine oil refineries that make up 8 percent of U.S. refining capacity sit in the region hit by Superstorm Sandy. Nearly all were affected by the storm, and two still were not operating late Wednesday. Crude prices were up "following reports that a number of key Northeastern refineries were back in operation after Hurricane Sandy, which was seen bolstering near term demand for crude oil," CME Group said in an energy market report. The largest refinery by capacity, Philadelphia Energy Solutions, was in excellent condition and awaiting crude shipments. Normal operations were reported at four other refineries. Meanwhile, The American Petroleum Institute said crude oil stocks rose by 2.

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Superstorm Sandy

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Additional Info:

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