BP Refinery Blast: Nymex Access gasoline prices soar
24 March 2005 01:33 [Source: ICIS news]
SINGAPORE (CNI)--The fatal explosion at a BP refinery in Texas City, Texas, US, continued to push up gasoline prices on the New York Merchantile Exchange (Nymex) in the after-hours trade, traders said early on Thursday.
The 470,000 bbl/day refinery represents 3% of North American gasoline production capacity. BP, however, said that the blast had been limited to an isomerisation unit, which produces gasoline, and that other parts of the refinery remained in operation. It was not immediately clear, though, whether operating rates at the other parts of refinery were normal.
The blast killed at least four workers while 90 others had to be sent to hospital.
Nymex Access April unleaded gasoline futures prices picked up from where it left off in the floor trade, rising 81 points from Wednesday's floor close to 158.30 cents/gallon. April unleaded futures settled at 157.49 cents/gallon after hitting an intraday high of 160 cents/gallon.
Besides the futures prices, news of the explosion also boosted gasoline cash prices in the Gulf Coast region.
For crude, Nymex April light sweet crude futures contract closed $2.22 or 4% lower at $53.81 a barrel, in New York trading as the recent upward trend in oil prices came to a halt. Brent crude closed down $1.55 at $53.04 in trading on the International Petroleum Exchange (IPE).
These levels, the lowest in two weeks, were due to newly released data which showed a bigger-than-expected rise in US oil inventories.
Nymex Access April crude was trading at $53.60/bbl, down 21 cents from Wednesday's floor close.
The impact on oil prices, as well as naphtha, benzene and other petrochemicals, is only expected to be clearer later on Thursday. The blast increases concerns about a prolonged disruption to supply at a time of high global demand.
Prior to that, some experts had predicted that crude prices would break the $60/bbl barrier this week.
By: Siva Govindasamy
+65 6780 4359
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|
|
Related Articles
- 23 May 05 09:49 Opec weekly basket price falls $2.14 to $45.20/bbl
- 17 May 05 10:25 Opec weekly crude oil basket price falls to $47.34/bbl
- 09 May 05 10:28 Opec weekly basket price falls to $47.55/bbl
- 02 May 05 10:28 Weekly Opec basket price rebounds to $49.60/bbl
- 25 Apr 05 10:10 Weekly Opec basket price falls again
- 18 Apr 05 09:54 Weekly Opec basket price falls below $50/bbl
- 11 Apr 05 09:52 Opec basket price hits new record high at $52.05/bbl
- 04 Apr 05 15:55 Nymex oil prices hit record $58/bbl on supply concerns
- 25 Mar 05 00:43 BP Refinery Blast: Nymex oil futures rise more than $1/bbl
- 24 Mar 05 20:01 BP Refinery Blast: Death toll rises to 15, CEO visits site
- 24 Mar 05 14:51 BP Refinery Blast: Fourth incident at Texas City in a year
- 24 Mar 05 14:29 BP Refinery Blast: Propylene arb window to the US closed
- 24 Mar 05 14:05 BP Refinery Blast: Euro gasoline spot prices hit new high
- 24 Mar 05 11:14 BP Refinery Blast: PX spot sellers back away from Euro mkt
- 24 Mar 05 10:26 BP Refinery Blast: Euro benzene spot price offers rise
- 24 Mar 05 09:44 BP Refinery Blast: Asian propylene prices edge lower
- 24 Mar 05 05:57 BP Refinery Blast: Asian traders wary of FCC shutdown rumour
- 24 Mar 05 05:25 BP Refinery Blast: US benzene prices jump sharply
- 24 Mar 05 05:13 BP Refinery Blast: Asian benzene expected to rise late Thurs
- 24 Mar 05 04:53 BP Refinery Blast: Asian toluene prices up slightly
- 24 Mar 05 04:52 BP Refinery Blast: Little effect on Asian xylenes market
- 24 Mar 05 02:41 BP confirms at least 14 dead in Texas City refinery blast
- 24 Mar 05 02:25 CSB investigation team heads to BP explosion site in Texas
- 23 Mar 05 22:48 BP confirms Texas City explosion caused fatalities
- 23 Mar 05 20:33 Blast rocks BP's Texas City refinery, at least 10 hurt
Latest News
- 01 Dec 09 14:51 Univar opens chemical distribution facility in Dubai
- 01 Dec 09 14:50 US chemicals to see moderate growth for 2010 - ACC
- 01 Dec 09 14:09 US CF extends Terra financing commitments
- 01 Dec 09 13:34 Poland to select adviser for sale of fertilizer producers
- 01 Dec 09 13:00 VIDEO - ICIS news Europe Lunchtime Bulletin 1 December 2009
Paul Hodges goes to the junction of Wall St and the chemical industry.
ICIS Chemicals and the Economy