East Coast Refineries Returning
Now that Hurricane Sandy has run its course, oil refineries on the East Coast are either returning to service or making preparations to do so. The NuStar Energy LP (NYSE: NS) 74,000-barrel a day plant in Paulsboro, New Jersey, expects to be running at full capacity tomorrow.
The Phillips 66 (NYSE: PSX) and Hess Corp. (NYSE: HES) refineries in New Jersey will only restart following a post-storm inspection. The 330,000 barrel a day refinery Philadelphia Energy Solutions slowed down, but did not shut down, during the storm and production began being ramped up yesterday. PBF Energy's two plants were also running at reduced rates throughout the storm and are also likely to be at full capacity soon.
The U.S. Energy Information Administration delayed its weekly petroleum status report until tomorrow, but the American Petroleum Institute said crude inventories rose by 2.1 million barrels last week, while gasoline supplies declined by 173,000 barrels. A Bloomberg survey showed an inventory build of 1.75 million barrels last week, while gasoline inventories fell by 500,000 barrels.
Filed under: 24/7 Wall St. Wire, Commodities, Oil & Gas Tagged: HES, NS, PSX