US gasoline futures surge on outage of Sunoco unit

30 August 2011 16:49  [Source: ICIS news]

HOUSTON (ICIS)--The outage of a gasoline-production unit at a US east coast refinery is causing gasoline futures to rise, despite nominal gains for crude oil and a strong US dollar, market sources said on Tuesday.

Sources said the fluid catalytic cracker (FCC) at Sunoco’s 335,000 bbl/day Philadelphia refinery in Pennsylvania was shut down, significantly limiting gasoline supply on the east coast.

On Monday, Sunoco said both its Philadelphia refinery and its 178,000 bbl/day Marcus Hook refinery in Pennsylvania were operating at reduced rates after Hurricane Irene swept through the region.

Sunoco did not respond immediately for comments on Tuesday.

Wall Street investors paid close attention to the shutdown because the NYMEX trades on east coast.

In mid-morning trading at the NYMEX, gasoline futures were at $2.9661/gal, a gain of 5.97 cents from Monday’s settlement. West Texas Intermediate (WTI) crude on the NYMEX was at $88.14/bbl, up 87 cents from Monday’s settlement.

Sunoco’s Philadelphia refinery has two FCCs, one with capacity of about 73,000 bbl/day and a second with capacity of about 50,000 bbl/day, according to sources.

By: Sheena Martin
+1 713 525 2653

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