East Coast Refineries Returning

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.

Paul Ausick