23 September 2011 20:36 [Source: ICIS news]
HOUSTON (ICIS)--Gasoline spot and futures prices temporarily rose in early trading as a result of a brief power outage at Valero’s 225,000 bbl/day Texas City refinery near Houston, a US Gulf refined products trader said on Friday.
The increased buying after the power outage was short-lived, and gasoline prices slipped slightly, he said.
October gasoline futures reached $2.6129/gal in the morning, a gain of 5.29 cents from Thursday's settlement. The price slipped through the morning, holding a gain of about 2 cents/gal midday and settling at $2.5547/gal, down 0.53 cent.
Valero spokesman Bill Day said the production units were returning to normal operations early on Friday.
Valero’s Texas City refinery had a temporary loss of power beginning at 19:00 hours Houston time (0:00 GMT) on Thursday, which caused flaring at the refinery shortly before power was restored, Day said.
Day said there were indications that the power outage resulted from an equipment failure at the Texas New Mexico Power substation.
Environmental monitoring indicated no significant impact to the community, and notifications were made to the appropriate agencies, he said.
There were no reports of other refinery outages from loss of power at or near Texas City.
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.
|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|
Asian Chemical Connections