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



AddThis Social Bookmark Button

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.

Printer Friendly

ICIS news FREE TRIAL
Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index